{"id":1004180258,"date":"2017-06-13T12:32:21","date_gmt":"2017-06-13T20:32:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180258"},"modified":"2017-06-14T07:38:29","modified_gmt":"2017-06-14T15:38:29","slug":"morgans-hotel-nyc-fetches-41m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/morgans-hotel-nyc-fetches-41m\/","title":{"rendered":"Morgans Hotel NYC Fetches $41M"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"Morgans<\/a>

Morgans Hotel New York City<\/p><\/div>\n

Real estate investment firms The Kash Group and Shel Capital acquired the Morgans Hotel, located at 237 Madison Ave., in Manhattan\u2019s Murray Hill neighborhood. The 71,000-square-foot iconic building traded for $41 million. The seller was real estate investment trust FelCor Lodging Trust. The Kash Group President Shlomo Bakhash and Shel Capital Co-founders Rony Kravel and Jonathan Bakhash made the announcement. The asset changed hands last year, upon SBE’s acquisition of Morgans Hotel Group<\/a>.<\/p>\n

From Hotel to Homes<\/h2>\n

As soon as the transaction closes in July, the joint venture plans to convert the 117-key hotel into a residential building. The boutique hotel opened in 1927 as Hotel Duane, designed by Andrew Thomas. Following complete renovations in 1984, the asset was renamed Morgans Hotel.<\/p>\n

\u201cWhen completed, the property will offer residents an urban oasis in a market that has limited competitive properties of this type and continuing strong residential demand. We will be introducing an exciting, innovative and groundbreaking new product to this market,<\/em>\u201d Bakhash said in a prepared statement.<\/p>\n

The\u00a0building’s central location puts it in the vicinity of restaurants, bars, retailers, art centers, The Morgan Library Museum, Bryant Park and Grand Central Station.<\/p>\n

Image courtesy of Morgans Hotel Group\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition is scheduled for completion in July, when the new owners\u2014a joint venture of The Kash Group and Shel Capital\u2014will execute a residential conversion of the the 90-year-old Midtown Manhattan property.<\/p>\n","protected":false},"author":241,"featured_media":1004180259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,1600,21742,10],"tags":[34102,32970,36135,36134],"class_list":["post-1004180258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-new-york","category-latest","category-northeast","tag-felcor-lodging-trust","tag-morgans-hotel-group","tag-shel-capital","tag-the-kash-group"],"acf":[],"yoast_head":"\nMorgans Hotel NYC Fetches $41M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/morgans-hotel-nyc-fetches-41m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgans Hotel NYC Fetches $41M\" \/>\n<meta property=\"og:description\" content=\"The acquisition is scheduled for completion in July, when the new owners\u2014a joint venture of The Kash Group and Shel Capital\u2014will execute a residential conversion of the the 90-year-old Midtown Manhattan property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/morgans-hotel-nyc-fetches-41m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-13T20:32:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-06-14T15:38:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Webp.net-resizeimage3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/morgans-hotel-nyc-fetches-41m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/morgans-hotel-nyc-fetches-41m\/\",\"name\":\"Morgans Hotel NYC Fetches $41M - 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