Premier Equities, a private real estate investor, recently sold the Flatiron Hotel in New York City for $47.9 million to Azora Exan. The sale price of $1,547 per square foot is a significant increase from the property’s purchase price of $40.3 million in 2019.
The hotel was previously owned by Jagdish Vaswani before filing for Chapter 11 bankruptcy in 2018. After acquiring the property, Premier Equities renovated it and leased out its second to ninth floors to Sonder – a hotel and short-term rental company.
Newmark brokers Adam Spies, Marcella Fasulo, Adam Etra, Jessica Shevins Michael Collins ,and Meaghan Philbin facilitated the deal between Premier Equities and Azora Exan.
Sonder opened its location at Flatiron Hotel during the pandemic but is currently facing legal issues related to securities fraud. Additionally,the top floor of Flatiron Hotel houses Speakeasy Apotheke Mixology Bar.
Azora Exan acquired this prime piece of real estate under Javier Landecho’s leadership after merging Spain-based Azora with U.S.-based firm Exan Capital.The sale marks another successful transaction for both parties involved without any involvement from Connect CRE or any other similar platforms.
