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Just-sold Shelter Island hotel borrows $17M for transformation

The largest hotel on Shelter Island is getting a pricey makeover. Fort Amsterdam Capital, in partnership with Tilden Park Capital Management, have closed on a $17.4 million first mortgage bridge loan to finance the recapitalization and renovation of the Pridwin Hotel and Cottages. The loan will be used to transform the East End hotel into a full-service luxury resort featuring enlarged guestrooms, a spa and fitness center, a modernized lobby and a 100-seat restaurant and

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Manhattan retail market ticks up, indicating slow recovery

Manhattan’s retail market is showing slow signs of recovery aided by a few major deals, according to a new report by CBRE. Direct ground-floor availabilities across 16 of Manhattan’s shopping corridors decreased in the third quarter of this year, from 290 to 282 quarter-over-quarter. Though the figure is 11 percent higher than it was a year prior, the slight decrease marked the first decline in availability in the region since 2019. Leasing activity, which includes

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Two Montauk hotels hit the market asking combined $71M

Two oceanfront hotels in Montauk have hit the market, asking $45.9 million and $25 million. The pricier listing, the Sands Motel at 71 South Emerson Avenue, was built in 1951. A main building has 36 rooms, all with decks facing the ocean or Fort Pond. A separate building has eight suites with decks. There is also a two-bedroom cottage. The Sands’ website says it has been family-owned since 1951 “under the vision of Abe and

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Luxury home deals soar in Hamptons, New York, South Florida

This year is chock-full of luxury deals across the Hamptons, New York City and South Florida, according to a new report by Bespoke. The Hamptons has had 87 deals at or above $10 million so far this year, totaling $1.6 billion. New York City counted 173 transactions making up $2.9 billion. Meanwhile in South Florida, there were as many as 279 deals, totaling $5.4 billion. “The big takeaway is that 2021 is outperforming 2020, which

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Auction date set for 63% stake in Winick Realty Group

An auction date for a majority stake in Jeff Winick’s Winick Realty Group has been set for Nov. 9. A 63 percent interest in the commercial brokerage will be sold to the highest bidder by Maltz Auctions. The auction will be virtual and only bidders will be allowed to participate. A bankruptcy judge in New York’s Southern District Court approved the hiring of Maltz in June. Neither Winick nor Maltz Auctions immediately responded to requests

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Hotel conversions race against the clock

On a nondescript corner in Brooklyn, sandwiched between on-ramps for the Brooklyn and Manhattan bridges, a long-vacant hotel formerly run by the Jehovah’s Witnesses is starting a new chapter. Aby Rosen’s RFR Realty acquired the 29-story building at 90 Sands Street for $135 million in 2017, intending to create, as his partner Ian Schrager described it to the New York Post, “the No. 1 hotel in Brooklyn.” Those plans never came to fruition, and a

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Bobby Zar’s ZG Capital in contract for office building at 836 Broadway

Bobby Zar’s ZG Capital Partners is in contract for a largely vacant office building at 836 Broadway. The six-story building just south of Union Square includes 81,000 square feet and sold for $40 million. The property used to house New York University, which has since left the space. “It’s all on them to build it up,” said Skyline Properties President Robert Khodadadian, who has also been working on office deals in the area. “It shows

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Hotel Association sues city over severance pay mandate

Just days after Mayor Bill de Blasio signed a bill forcing the city’s hotels to either reopen or pay severance to their out-of-work staff, the Hotel Association of New York City has sued the city in an attempt to strike down the legislation. The lawsuit, filed Friday, alleges that the measure violates state and federal laws and asks the court to void it while seeking an injunction to prevent its enforcement. The legislation requires hotels

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Downtown pols call for limits on permanent outdoor dining

The Open Restaurants program, a lifeline for small business owners during the pandemic, has achieved a rare feat in New York City politics; uniting just about every demographic imaginable, including registered Democrats and Republicans, in popular support, according to polling. As it turns out, not everyone is on board. While the City Planning Commission heard testimony Wednesday about making the Open Restaurants program permanent, a coalition of Downtown Manhattan lawmakers and community leaders voiced their

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Lost without office workers, Midtown storefronts struggle to find tenants

As resurgent Covid caseloads kept New York City’s office workers at home through the summer, retail corridors that depend on their foot traffic struggled to fill empty storefronts. Just under 30 percent of retail storefronts in the Grand Central and Midtown East business districts — home to 15 percent of the city’s office stock — remained vacant this summer, more than double the 10 to 15 percent vacancy rates seen before the pandemic, according to

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