Capstone Equities, Republic Buy Smyth Tribeca Hotel at $32M Discount

Capstone Equities and Republic Investment Company have acquired the Smyth Tribeca hotel in Tribeca for $39.8 million, according to city records made public Wednesday.

Capstone and Republic, which used the entity Smyth Hotel Fee Owner, bought the 100-key hotel at 85 West Broadway from Vanbarton Group, which used the entity 85 W Broadway Propco, records show.

Vanbarton made an equity investment into the hotel when Korman Communities bought the 14-story property in partnership with Shorewood Real Estate Group and Prodigy Network for $72.2 million in 2017, according to records and The Real Deal.

Capstone and Republic financed the new deal through a $21.5 million loan from Canadian Imperial Bank of Commerce (CIBC), records show.

Capstone’s Avi Kollenscher signed the deal for the buyer, while Vanbarton’s Damiano Buffa signed for the seller, according to records.

It’s unclear who brokered the deal. Spokespeople for Republic, Vanbarton, Korman, Shorewood and CIBC did not immediately respond to requests for comment, while spokespeople for Capstone and Prodigy could not be reached for comment.

The Smyth Tribeca hotel opened in 2009, and received more than $10 million in capital investments between 2018 and 2023, Hotel Business reported.

As part of the new deal, Capstone and Republic have chosen Rebel Hotel Company to reposition and manage the hotel between Warren and Chambers streets, which is also home to American restaurant Smyth Tavern and cocktail bar Galerie Bar on the ground floor.

Isabelle Durso can be reached at idurso@commercialobserver.com.