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Category ArchiveRanger Properties

Lightstone Pays $60 Million for LIC Hilton

Lightstone Group has purchased a Hilton Garden Inn at 29-21 41st Avenue in Long Island City for $60 million, according to property records filed with the city today.  

Lightstone took out a $35 million mortgage from Western Alliance Bank to purchase the property, records show. A spokesman for the developer didn’t immediately return a request for comment.

A group of investors that includes Sagamore Capital and Ranger Properties sold the hotel. They bought the 6,700-square-foot site it sits upon for the bargain basement price of $6.3 million in 2010.

The 16-story, 183-key hotel was completed and opened in 2015, Brownstoner reported at the time.

The Hilton will be Lighstone’s fourth hotel in New York City, after developing millennial-focused Moxy hotels at 485 7th Avenue, 105 West 28th Street and 112 East 11th Street. And it’s not Lighstone’s only property in the neighborhood. In November 2017, the firm finished a 428-unit residential tower, the ARC, at 30-02 39th Avenue.

Source: commercial

World’s Second-Ever Nutella Cafe Opening in Greenwich Village

At the end of May, the world’s first stand-alone Nutella Cafe opened in Chicago, featuring crêpes, croissants, waffles, pancakes and French toast—of course served with Nutella. And now for its second permanent cafe (Nutella has had popup cafes nationwide), Italian chocolate manufacturer Ferrero International S.A. will be opening a Nutella Cafe in Greenwich Village, Commercial Observer has learned.

The new cafe and coffee bar will occupy 2,200 square feet at the base of an under-construction residential condominium development at 116 University Place at East 13th Street, a source with knowledge of the deal said, via a 10-year lease. The asking rent wasn’t immediately available.

Ferrero, one of the world’s largest manufacturers of chocolates with global brands including Nutella, Ferrero RocherTic Tac and Kinder Surprise eggs, chose University Place for it “proximity to Union Square…colleges, office workers, [residents and] movie theater,” the source emailed. “[The] area bustles seven days a week and draws people from all over the city.”

Developers Ranger Properties and KD Sagamore Capital are erecting a seven-story, six-unit apartment building at 116 University Place. The Morris Adjmi-designed condo is slated for completion next year, and Nutella Cafe will be the only retailer in the building.

SCG Retail’s Jacqueline Klinger and Ian Rice represented Ferrero in deal. The brokers were not available for comment. Scott Kummings and Ben Daniels of KD Sagamore represented the developers in-house.

Ferrero made news at the end of last month when The Wall Street Journal reported that it would be opening a 4,200-square-foot innovation outpost in the Bridge at Cornell University’s technology campus on Roosevelt Island. Klinger and Rice represented Ferrero in this deal with Forest City New York, which developed and manages the building.

Source: commercial