JLL Sells Boutique Hotel Near Fifth Avenue Shopping Corridor
JLL Hotels & has closed the sale of Shoreham, a 179-key boutique hotel located at 33 W. 55th St. in Midtown Manhattan. nearby both Central Park and the Fifth Avenue shopping corridor. Deal terms weren’t disclosed; a special servicer reportedly foreclosed on the property in 2017.
A JLL Hotels team of Jeffrey Davis, KC Patel, Michele Mahl, Nikhil Chuchra and Desmund Delaney represented the seller to complete the sale to a private buyer. The property was offered fully unencumbered of brand management and the buyer plans to continue operations as a hotel.
“Manhattan remains a focal point for hospitality capital as transaction activity begins to gain momentum,” said Patel. “Strategically located on 55th and Fifth Avenue, the Shoreham Hotel will draw demand from all corners of the Midtown market.”
The sale represents the fifth asset JLL Hotels has advised on in New York City since last September.
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).
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