NEW YORK–(BUSINESS WIRE)–Nov 24, 2021–
Marcus & Millichap (NYSE: MMI), a number one business actual property brokerage agency specializing in funding gross sales, financing, analysis and advisory providers, introduced the sale of Martinique New York on Broadway, a 531-room landmark resort on the nook of 32 nd Road and Broadway in Manhattan. The asset was bought for $55.5 million with an approximated complete growth value of $110 million.
“Our workforce labored tirelessly over the previous 12 months to beat a number of hurdles through the gross sales course of,” stated Eric Anton of Marcus & Millichap’s Manhattan workplace. “We’re very proud to be part of what will likely be an unbelievable revitalization venture for considered one of New York’s oldest working resorts. The COVID-19 pandemic initially wreaked havoc on the hospitality business in New York Metropolis, inflicting numerous established resorts and retail properties to shut store, together with Martinique New York, which filed for chapter in 2020.”
In December 2020, Marcus & Millichap’s Anton, Nelson Lee, and their workforce, have been employed by the resort’s house owners, Herald Lodge Associates, LP, a non-public, New York-based, family-run firm to promote the property. Anton’s first order of enterprise was to discover a purchaser for the resort, in the end deciding on Burnett Equities, primarily based in Oklahoma Metropolis. As soon as the land lease particulars have been solidified, Anton and Lee turned their consideration to creating worth within the retail area.
“The Martinique corners two of Manhattan’s iconic streets, 32 nd Road, on one finish of town’s expansive Koreatown neighborhood, and Broadway, residence to a few of the metropolis’s most illustrious eating places, leisure venues and resorts,” stated Anton.
Anton and Lee launched Burnett Equities to native retail brokers, together with one who specialised in leasing Koreatown area, and the opposite an professional within the restaurant and hospitality business. In underneath three months, the workforce secured leases for all six of the retail spots amid the pandemic, previous to closing the sale of the resort.
Through the advertising course of, Anton utilized Mission Capital Debt & Fairness, a part of Marcus & Millichap Capital Company (MMCC). With help from MMCC’s Matthew Polci, Steven Buchwald, Jordan Ray and Lexington Henn, Burnett Equities secured a mortgage of $71 million and a extra financeable floor lease.
“The Martinique New York had nearly each main complexity possible for a New York Metropolis financing, together with a New York Metropolis landmarked, unionized resort topic to a floor lease that was popping out of development, COVID-19 lockdown, and in chapter, with a largely vacant retail element,” stated Polci. “Regardless of these challenges our borrower, their retail leasing workforce, and our Marcus & Millichap gross sales brokers did an incredible job turning challenges into worth creation alternatives. I used to be impressed with our capital markets workforce, significantly my workforce members of their skill to successfully talk the evolving deserves of this deal to the debt markets and create a aggressive market round such a posh transaction.”
“With all the issues that COVID-19 introduced, nice alternatives arose for these prepared to go the space,” stated Lee. “Our purchaser sought alternatives to interrupt into the New York market, however the fitting alternative hadn’t but come to fruition. This uncommon alternative to put money into a newly renovated, historic landmark was a particular alternative, and when costs went down and enterprise was scarce, our purchaser noticed the huge development potential and future resurgence of the hospitality business by way of the Martinique funding.”
“The Martinique’s historic worth and prime location are what units it aside. Steps away from Herald Sq. and almost each subway prepare within the metropolis, a five-minute stroll from Grand Central, Martinique New York will likely be on the forefront of the hospitality business for years to come back,” stated Anton.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 funding gross sales and financing professionals positioned all through the US and Canada, Marcus & Millichap is a number one specialist in business actual property funding gross sales, financing, analysis and advisory providers. Based in 1971, the agency closed 8,954 transactions in 2020 with a price of roughly $43 billion. Marcus & Millichap has perfected a strong system for advertising properties that mixes funding specialization, native market experience, the business’s most complete analysis, state-of-the-art expertise, and relationships with the most important pool of certified traders. To be taught extra, please go to: www.MarcusMillichap.com.
View supply model on businesswire.com:https://www.businesswire.com/information/residence/20211124005872/en/
CONTACT: Gina Relva, VP of Public Relations
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE LODGING FINANCE CONSTRUCTION & PROPERTY CONSULTING TRAVEL
SOURCE: Marcus & Millichap
Copyright Enterprise Wire 2021.
PUB: 11/24/2021 11:30 AM/DISC: 11/24/2021 11:32 AM