Eyal Ofer’s global holding company purchase Moin Development paid $157 million for the Mondrian Park Avenue, a 190-room hotel in the NoMad area.
The sale comes two years after Ofer secured a senior mortgage on the 444 Park Avenue South building. Moin President David Moin said at the time real deal The company “is working hard to solve problems with people around the world.”
The agreement between the two companies provides for Moin to repay the loan by the end of June and requires the hotel deed to be placed in escrow. Instead of foreclosure, Global assigned the deed when the loan was not repaid by the June deadline.
Property records show the hotel’s sale to Global closed on July 3. Moin Development did not immediately respond to a request for comment.
The deal ends Moin’s sometimes tumultuous tenure at the building, which the company bought in 2011, converted into a hotel and added five floors amid a series of lawsuits from a minority investor.
In 2020, the Mondrian Museum was temporarily closed, although the epidemic suppressed tourism. Quite a few New York City hotels sold over the next two years. Ofer’s acquisition comes at a time when the travel industry is recovering.
Revenue from a typical hotel room in the city during the second half of last year go beyond It is at pre-pandemic levels, according to accounting firm PricewaterhouseCoopers. Revenue per room night rose 54% from about $200 to $310 between the fourth quarter of 2021 and the end of last year.
When Ofer buys a Mondrian mortgage, the New York City hotelier charges about $185 per night, slightly lower than the average operating cost of the room. Global operates more than 1,500 hotel rooms in the US, UK and Europe, according to the company.
Elsewhere in the city, Global recently acquired 51 Irving Place, a mostly market-rate 56-unit building in Gramercy Park, and began leasing at 1 West 60th Street, which is a luxury rental near Columbus Circle known as Anagram.