X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Oklahoma City-based Burnett Equities has acquired NYC Hotel Martinique New York on Broadway for $55.5 million from Herald Hotel Associates. The ownership plans to invest an additional $55 million to redevelop the 531-room property for a total investment of $110 million. The property is one of New York City’s oldest operating hotels, and is a landmark property.

In addition to the property’s designation as a landmark, the transaction had a number of challenges. The property is unionized and on a ground lease with a nearly vacant retail area. In addition, the property was undergoing a bankruptcy, which was filed in 2020 as the pandemic shuttered the property. As a result, the sale took nearly 12 months to complete, including the marketing process.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.