Assignment Overview
RobertDouglas arranged the $38 million sale of the 72-key Best Western Seaport located in the heart of the Seaport District in New York, NY to Howard Hughes Corporation, which acquired the hotel with the intention of incorporating it into their sweeping vision for its $1.5 billion transformation of the Seaport District. RobertDouglas was the exclusive advisor to a subsidiary of Gemini Real Estate Advisors in the sale was administered by the U.S. Bankruptcy Court for the Southern District of New York.
The Seaport Inn property features a pristine, Federal-era structure and facade that speaks to the historic colonial roots of the Seaport district. Further, the property is located within Manhattan's Financial District, which has approximately $30 billion of commercial development in the pipeline, including 1,700 residential units and over 2.8 million square feet of office space currently under construction. With a 6,000-square-foot footprint and oversized guestrooms including ten suites with large terraces offering stunning views of the Brooklyn Bridge and the Financial District, the property has potential to be redeveloped into one of Lower Manhattan's premier boutique hotels.
Deal Highlights
| Client: Buyer: Sale Proceeds: Key Count: | 33 Peck Slip Acquisition LLC Howard Hughes Corporation $38,300,000 72 |
