Marcus & Millichap
260 Madison Avenue, 5th Floor
New York, NY 10016
Sold
Martinique Hotel
49 W 32nd St, Koreatown, New York, NY 10001
Hospitality
$55.5M
Sale Price
531 Keys
Building Size
$104,520
Price / Key
Q4 2021
Closing Date
The Story
The Anton Group was retained to sell the leasehold interest in the Martinique Hotel, a position many industry experts had valued at zero. Facing hotel bankruptcy, an above-market ground lease, and a decade of vacant retail space, Eric Anton and Nelson Lee engineered a creative solution that culminated in a sale to Burnett Equities, earning REBNY's Most Ingenious Deal of the Year award in 2021.Property Highlights
- Leasehold position valued at zero by many industry experts, successfully recapitalized through creative deal structuring
- Renegotiated the terms of an above-market ground lease directly with the fee owner before a contract was even executed
- Fully leased 34,000 SF of retail space that had sat vacant for a decade, generating $4 million in rent across six executed leases
- Negotiated an enhanced severance agreement for a unionized workforce with dozens of outdated staff positions
Deal Team
Eric Anton
Nelson Lee