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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.
- ◦Sale/Acquisition
