JLL arranged the sale of The James New York hotel in Manhattan to Thor Equities. JLL also secured the acquisition financing, which was provided by Natixis, a French corporate and investment bank.
International director Jeffrey Davis and managing director Gilda Perez-Alvarado led the JLL team on the sale. Managing director Kevin Davis and VP Barnett Wu led the JLL team on the financing.
“The James New York is an exceptional boutique hotel with an irreplaceable location in SoHo,” Jeffrey Davis said in a statement. “This ‘blank canvas’ offering gave investors the opportunity to establish an immediate presence in a high barrier-to-entry market that will benefit from the tremendous growth and transformation taking place in Lower Manhattan.”
“We’ve seen a significant improvement in the lending market in New York this year as more funding is available and spreads have come in,” Kevin Davis said in a statement. “The quality of this asset and its superior sponsorship was the key to getting this transaction done.”
The James New York hotel consists of 114 guestrooms; the Urban Garden, a multitiered outdoor space for dining and events; and The James Club, an all-glass space that overlooks the Urban Garden and neighboring sculpture garden. The property also includes a fitness center and a rooftop pool and bar. Located in Manhattan’s SoHo neighborhood, the hotel is steps away from dining, shopping and entertainment options.