NEW YORK, Aug. 24, 2015 /PRNewswire/ -- Merchants Hospitality, Inc. has closed on a $112 million acquisition of a five-property residential portfolio in Manhattan.
Merchants Hospitality assembled the site from five unrelated property owners over a two-year period. The entire assemblage was acquired in an all cash transaction.
Handel Architects and Merchants Hospitality designed an award winning 213,000 square foot tower on the newly assembled site on Manhattan's Upper East Side. The buildings are located at 1802 Second Avenue, 1804-1806 Second Avenue, 1808 Second Avenue, 1810 Second Avenue and 303-305 East 93rd Street.
The assemblage and acquisition was led by Adam Hochfelder, the head of Merchants Hospitality's Real Estate Group.
The initial project was to develop a 29-story luxury condominium. Last year, Merchants Hospitality was approached by GEMS Academy to net lease the entire property for a GEMS school. However, GEMS was unable to fund its security deposit and the lease with GEMS was terminated.
The final transaction officially closed on July 24, 2015, with Maplewood Senior Living, who will build the most luxurious senior living facility on the East Coast.
Merchants Hospitality's counsel for the transaction was Robert Wertheimer and Benjamin Hittman of Paul Hastings and Warren Estis and Stefanie Graham of Rosenberg & Estis.
ABOUT Merchants Hospitality
Merchants Hospitality owns multiple real estate and hospitality properties across the globe. Merchant Hospitality owns 21 restaurants and venues including the Philippe Chow brand in New York City and East Hampton, as well as Industry Kitchen and SouthWest NY in New York City.
SOURCE Merchants Hospitality