Northeast

The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.

The capital will be used for acquisitions, organic growth and strategic investments into various hospitality assets.

The recently completed property was acquired by Hudson Capital Properties, a New York-based company headed by the family that runs Hudson Media, the leading magazine distributor in the Northeastern U.S., as well as the nation's largest airport news and concessionaire.

The projected construction cost of the project is $75 million. The operating costs of the facility for the first 10 years (2019-2029) is estimated at $184.8 million.

"According to data by Climate Central, a quarter of Boston could be underwater by 2045. Additionally, catastrophic flooding in New York City may become more common over the next few decades, as pointed out in a 2017 study by Rutgers."

Spaces has leased 110,989 square feet at Tishman Speyer's iconic New York office tower.

“These assets are highly sought-after, especially given lack of opportunities to acquire these types of deals in the market,” says HFF's José Cruz.

The not-for-profit club signed a 15-year lease at Thor Equities' historic building near Bryant Park.