The North America Hotel Investment Conference (NATHIC) heard optimistic predictions from some of the industry’s most influential leaders at their annual summit last week, but New York City developers have their eye on a plethora of issues that could upset the applecart, from rising land prices to the Airbnb economy.
James Nelson and Andy Posil of Massey Knakal sat down with Will Obeid of Gemini Real Estate Advisors, LLC, Eddie Hidary of Hidrock Realty Inc., and Tyler Morse of MCR Development LLC, to discuss their current projects and the current hospitality environment in New York.
Where does a collection begin? In the mind and imagination of a designer, of course, but also in a physical space, an insider sanctum that is almost never seen by consumers: the office and atelier. In many ways, these private spaces reflect the choices and points of view that inform fashion as much as any runway show. If in doubt, simply consider the outtakes from a series of behind-the-velvet-curtain videos in which designers from New York to Paris invited The New York Times into their professional lives. First up: Jason Wu, who opened his namesake label in 2006 and shot to fame as the designer of Michelle Obama’s inaugural gowns, in his New York office.
Bank of the Ozarks and Ladder Capital lent $45.5 million in funds for a seasoned New York City investment firm to buy a three-lot land assemblage in the Rockefeller Center area for $47 million, Mortgage Observer has learned. The buyer, HID Acquisition Group LLC, a subsidiary of Hidrock Realty, closed on the parcels last month and plans to build a residential condominium, Hidrock’s CEO said.
Hong Kong-based Keck Seng Investments, which largely owns hotels and office buildings, broke into the New York City market with its first acquisition there: a SpringHill Suites by Marriott in Midtown for $82 million.
Malaysian company KSG Enterprised Ltd. is expanding its presence in the U.S. with the purchase of SpringHill Suites New York Midtown Manhattan/Fifth Avenue. The subsidiary of Hong Kong based Keck Seng, which mainly owns hotels and offices, has made its debut into the Big Apple by snapping up the Midtown Manhattan hotel asset for $82 million from Hidrock Realty and Robert Finvarb Companies.
Westchester landlord Robert Weisz’s first purchase in Manhattan is a big one. The CEO of real estate investment firm RPW Group has agreed to pay more than $80 million for 240 West 35th Street, Crain’s reported. The seller is Hidrock Realty, which purchased the 161,588-square-foot office building, located between Seventh and Eighth avenues, in 2008 for $58 million.
Over the past several years, the Garment District has morphed from a fashion-centric area into a tech-friendly haven.
The Broadway corridor has changed as new owners have reoriented tenancies from large fashion corporations to the newly dubbed TAMI tenants – Tech, Advertising, Media and Information.
Eyal and Karen Hen started off as roommates.
Mr. Hen came to New York from Israel a dozen years ago after serving in the Israeli army, and shared a large apartment in Kensington, Brooklyn with several other Israelis.
A few years later, he recieved a Facebook message from Karen Rehany, who was from the same Israeli town, Nahariya. She was interested in coming to New York. His apartment had an available room; she jumped at the opportunity. He picked her up at the airport.