Republic Investment Company and Capstone Equities have taken over the Smyth Hotel in Tribeca for $ 41 million.
The seller seems to be a joint venture with Korman Communities, who bought the hotel in 2017 for $ 72.2 million. Korman did not immediately respond to a request for comment.
The building was developed and opened in 2009 by Walton Street Capital in a joint venture with Tribeca Associates. In 2010 the couple brought 15 Condo units on the market, called the Smyth above. The acquisition of Republic and Capstone does not include those housing units.
“There is a lack of high -quality hotels in Tribeca and the few new openings have been really incredibly successful,” said Joshua Zamir, founder of Capstone Equits. “This location in Southern Tribeca also benefits from the demand related to the World Financial Center and the Financial District.”
Investors are planning to renovate the property to bring it to the market, but Zamir said it is too early to say how much that renovation will cost or what it will entail. It is the seventh hotel acquisition of the couple, after deals for the Renwick, Ink48 and Life Hotel. Rebel Hotel Company will exploit the property.
The cultural cache of the Smyth shot up in 2012 after Kim and Kourtney Kardashian stayed in development while they were the first season of E Schoten! Network’s “Kim and Kourtney take New York.”
The hotel with 100 rooms contains approximately 7,000 square feet of indoor and outdoor event space. The building, including the apartments, is 13 floors high, according to tax reports. The total area of the building is more than 71,000 square feet.
Republic and keystone are not the only investors who view Tribeca.
Bread Street Development and partner TPG Angelo Gordon try to convert a storage facility of 10 floors at 139 Franklin Street into a maximum of 18 luxury condo units. The couple has taken over the building for around $ 44 million and the total capitalization costs around $ 100 million.
In March, Urban Capital Group and Prosper Property Group announced plans to change 32 and 34 Walker Street, partly a former textile warehouse, in five full-flat loft apartments and shops on the ground floor.
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