Marcus & Millichap Closes Sale of Midtown South Hotel Set for “Incredible Revitalization”
Marcus & Millichap closed the sale of Martinique New York on Broadway, a 531-room landmark hotel on the corner of 32nd Street and Broadway in Midtown South. The asset was purchased for $55.5 million by Oklahoma City-based Burnett Equities with an approximated total development cost of $110 million.
“Our team worked tirelessly over the past 12 months to overcome multiple hurdles during the sales process,” said Eric Anton of Marcus & Millichap’s Manhattan office. “We are very proud to be a part of what will be an incredible revitalization project for one of New York’s oldest operating hotels,” added Anton.
He added, “The COVID-19 pandemic initially wreaked havoc on the hospitality industry in New York City, causing countless established hotels and retail properties to close shop, including Martinique New York, which filed for bankruptcy in 2020.”
Along with securing a buyer, the team secured leases for all six of the hotel’s retail spots amid the pandemic. They worked with Mission Capital Debt & Equity, part of Marcus & Millichap Capital Corporation, to line up financing.
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).