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.”
Nightlife and hotel impresario Steven Kamali had barely settled into a booth inside the Soho House last week when he was asked about his involvement with the well-known art gallerist Larry Gagosian’s rumored café at 980 Madison Avenue.
The question drew a nervous laugh from the 31-year-old Roslyn native, who for the past 10 years has left his distinctive mark on both the Manhattan and Hamptons hospitality scene. The question also caused a friend of his who had joined the interview to abruptly leave the booth, perhaps to let Mr. Kamali face the music alone.
“I can tell you we are consulting with the Gagosian Gallery, and we’re helping him curate a restaurant concept for their venue at 980 Madison Avenue,” said Mr. Kamali, in a tone so casual and cool it made us forget the uncomfortable moment minutes earlier.
“I think every hotel has a psyche.”
That was Jason Pomeranc, who, as co-founder of Thompson Hotels, has fashioned himself New York’s innkeeper to the image-conscious. Last Friday afternoon, he arrived promptly to his newish hotel in New York, the 100-room Smyth Tribeca at 85 West Broadway, dressed for the part: rumpled and rough shaven, Read More