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The Standard Hotel might sell for A LOT

The Standard Hotel in the Meatpacking district could sell for more than $400 million, or around $1.2 million per room — the highest price for a hotel since the financial crisis struck in 2008.

A group led by Steve Kantor is in talks, along with other bidders, to buy the 18-story hotel.
The hotel was developed and managed by hotelier Andre Balazs’s company. Balazs sold his majority stake in the Standard Hotel brand last year, putting the property on the market.

Dune Real Estate Partners and Greenfield Partners stand to bank quite a bit from the sale of 848 Washington Street between West 12th and 13th streets, with about $240 million invested into the property, according to the Wall Street Journal.

Storage for the wealthy
Developer Adam Gordon made his fortune converting old properties into self-storage units. Now he’s going back to his roots in a move to capitalize on the boom in luxury property prices.

The Real Deal reports that Gordon plans to convert an existing 11-story storage building at 305 East 61st Street into a high-end personal and art storage facility tailored to Upper East Side residents in luxury buildings like 432 Park Avenue and One57, and to art galleries on the 57th Street corridor.

The building measuring 72,000-square-foot, is located on the corner of Second Avenue. It was acquired for $28 million in December 2012 by Gordon and his investment partners.

Gordon said it will be a “totally revolutionary” facility. “You could only pull this off with a unique piece of real estate on the Upper East Side.”

This is it for today, my dear friends.
I am always available to answer your questions and provide you with more information on New York City real estate. I am looking forward to assisting you in your next transaction.

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