Korman Communities

Korman Communities sweeps up Smyth hotel for $72M The new owner also refinanced the debt on the property with a $41M loan

From left: The Smyth Hotel, Larry and Brad Korman (Credit: Korman Communities and Thompson Hotels)

UPDATED: Thurs., Dec. 7, 01:48 p.m.: Korman Communities, in partnership 阿拉爱上海同城

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with Shorewood Real Estate Group and Prodigy Network, bought the Smyth hotel in Tribeca for $72.2 million, records filed with the city Thursday show.

Walton Street Capital was the seller and the original developer of the property in a joint venture with Tribeca Associates. In 2010, the pair broug上海龙凤论坛sh1f

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ht 15 condominiums in the building at 85 West Broadway to market. A well-publicized stay by the Kardashian sisters in 2爱上海同城

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012 preceded a boost in offering prices, according to the Wall Street Journal.

Alexandre Vial and Kyle Stein上海夜网

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Sources said Alexandre Vial and Kyle Stein of Prince Realty Advisors brokered the sale of the Tribeca property to Korman, a Pennsylvania-based owner of hotels and rental buildings. The brokers declined to comment.

Vanbarton 爱上海龙凤419桑拿

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Group also made an equity investment in the acquisition.

The 14-story hotel holds 100 rooms and when it opened, featured a 100-seat Jour et Nuit Restaurant and Lounge that has since been replaced by chef Andrew Carmellini s Little Park.

Korman owns several other Manhattan hotels, Including Aka Wall Street and AKA Central Park, but has indicated an appetite to diversify. In 2015, it swapped a hotel plan for a site near Sutton Place for condominiums.

Mark Maurer contributed reporting.

Tags: Commercial Real Estate, Hotel Market, korman communities
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