International real estate development and investment firm Global Holdings has acquired the 190-key Mondrian Park Avenue boutique hotel in Manhattan. Global Holdings, which previously held a senior mortgage loan on the hotel, bought the property as part of a prior agreement with previous owner Moin Development. Other terms of the transaction were not disclosed.
“Mondrian Park Avenue is an extraordinary asset, perfectly located in the heart of Manhattan at a time when tourists and local visitors are flooding back into the city,” Global Holdings Management Group CEO Jonathan Ofer said in a statement. “Moin Development did an incredible job converting this property into one of Park Avenue’s best hotels.”
According to The Real Deal, Global Holdings had purchased a $115 million senior mortgage loan on the asset in June 2021 after the pandemic forced the hotel, located in Manhattan's NoMad neighborhood, to shut its doors temporarily for months in 2020.
The hotel, which is near landmarks such as Madison Square Park and the Empire State Building, was originally constructed in 1918 as a 15-story office building before five floors were added for its conversion to become a 20-story hotel, according to a statement from the hotel when it opened in 2017.
Global Holdings’ portfolio includes more than 120 properties globally, totaling 10 million square feet across residential, hotel and commercial assets, including more than 1,500 hotel rooms.