102 Greenwich St., New York, NY
Located steps south of the globally recognized Freedom Tower and 9/11 Memorial, this abandoned building sat vacant for decades. Capitalizing on the robust development within the Downtown Financial District, we embraced the existing footprint and created a boutique hotel and management company to operate thirty six hip studio lofts featuring the original architectural elements of this hidden gem.
We further maximized this asset by scaling back on the hotel lobby in order to expand the street facing retail space. In four years this investment achieved a 20% unlevered 30% levered return.