the US-based unit of Savills, an international real estate services firm – has managed the sale of a fee-simple interest in Manhattan’s MAve Hotel to MAve Investors LLC at a price of approximately $28.5 million.
The MAve is a 72-room, 12-story boutique hotel at 62 Madison Avenue on the corner of 27th Street. One block north of Madison Square Park and the Flatiron Building, the property is situated in the NoMad submarket of the Flatiron district, one of Manhattan’s most-vibrant hospitality districts.
“This acquisition presents the buyer with an outstanding opportunity to reposition the property,” said Justin Magazine, Savills vice president and leader of the Savills NY hospitality practice. “The retail component also brings considerable upside to the transaction.”
“Coming at just below $30 million, this sale shows that pricing is strong in New York City’s hospitality marketplace,” he said.
Formerly known as the Madison Hotel, the MAve caters to both business and leisure guests. It has an attractive lobby on the first floor that includes vacant, corner retail space suitable for a café, bar or retail. The retail area has store frontage on both Madison Ave and 27th Street, and a separate entrance off Madison Avenue.
Floors two through twelve include guestrooms and a penthouse suite, along with a fitness center. In 2009, the hotel underwent a gut renovation valued at approximately $7 million.
After several years of going through the court system, the hotel was sold on a post-bankruptcy basis.
Savills LLC provides owners, investors, borrowers and lenders with strategic advisory services that maximize the long-term value of hotel assets. The group concentrates on investment transactions, overseas representation and asset management.
Savills LLC is a real estate investment banking firm offering debt and equity placement, note sales, investment sales, cross-border investment, advisory and asset management services across all property types. Savills’ North American headquarters is in New York, with offices in suburban Washington DC and Orange County, California.
The professionals of Savills LLC have executed more than $50 billion in real estate transactions, spanning the full range of property types, including multifamily, office, medical office, retail, industrial and hospitality. Listed on the London Stock Exchange, Savills plc is one of the world's leading real estate advisors, with more than 200 offices and approximately 26,000 professionals in principal cities throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.