Construction

Fortuna Starts Demo on West 38th Street Aloft NYC Flagship

Rendering of Aloft hotel at 25 West 38th Street (Image: Nobutaka Ashihara Architect).

About a week ago, Morris Moinian‘s Fortuna Realty Group started demolition work on a ground-up Aloft New York hotel on West 38th Street, the developer told Commercial Observer.

The $100 million 75,000-square-foot hotel at 25 West 38th Street between Fifth Avenue and Avenue of the Americas will be the New York City flagship for Aloft, a Starwood Hotels brand, Mr. Moinian said. There are existing Aloft hotels in Harlem and Downtown Brooklyn. Read More

Sales Beat

Fortuna Realty Group Sells Two Morningside Heights Properties for $14M

215 West 108th Street

Morris Moinian’s Fortuna Realty Group has sold a 31,434-square-foot, two-building portfolio at 215 West 108th Street and 210 West 109th Street to real estate investor Joseph Franco for $14 million, The Commercial Observer has learned.

The six-story walk-up at 215 West 108th Street is roughly 17,710 square feet and has 23 units, nine of which are rent stabilized.  The property at 210 West 109th Street, also a six-story walk-up, is 15,944 square feet, with 21 units, two of which are rent stabilized.

A majority of the units are two- and three-bedroom units, most of which have been renovated, sources said.

“Franco owns several properties in that submarket and this was a way to bite off too big units with more than 30,000 square feet and tremendous upside in great locations,” said Peter Von Der Ahe of Marcus & Millichap, who represented both parties in the transaction.  “With higher-end residential moving into this part of town and multiple universities surrounding the area, there has been a lot of rent growth over the last few years.” Read More