Global Holdings Acquires $115M Mortgage on Mondrian Park Avenue
Cushman & Wakefield has arranged the $115-million sale of the mortgage on the Mondrian Park Avenue, a luxury 190-key hotel at 444 Park Ave. South in NoMad.
Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development, which converted a 15-story office building to the 190-key, 20-story hotel, opening it in 2017. Eyal Ofer’s Global Holdings, an owner of more than 10 million square feet of real estate, comprising more than 100 properties and 2,500 hotel keys, acquired the loan.
It’s not clear what the property’s current financial situation is. In late 2019, a few months prior to the onset of the pandemic, JBA Equities secured a $135-million financing package that refinanced the Mondrian Park Avenue’s $126.57 million of existing debt.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).