Electra America Acquires Hotel At 131 Madison Ave. In Midtown For $19M

131 Madison Ave. in Midtown has been sold in a recent transaction. The property, classified as a hotel, is situated in a C5-2 zoned area. The deal involved Electra America Hospitality Group as the buyer and Pebblebrook Hotel Trust as the seller. The brokers who facilitated the transaction were Scott Ellman from Eastdil Secured and David Turley from Cronheim Hotel Capital. The sale price for the property was $19,000,000. The building's square footage (BSF) is 82,730, resulting in a price per BSF of $229. The total area of the property is 98,201 square feet, with a price per square foot (PPSF) of $193.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $19,000,000
• Address: 131 Madison Ave.
• Market: Midtown
• Zoning: C5-2
• Buyer: Electra America Hospitality Group
• Seller: Pebblebrook Hotel Trust
• Brokers: Scott Ellman - Eastdil Secured; David Turley - Cronheim Hotel Capital
• BSF: 82,730
• PPBSF: $229
• SF: 98,201
• PPSF: $193

The involvement of Scott Ellman from Eastdil Secured and David Turley from Cronheim Hotel Capital as brokers highlights their role in facilitating the transaction. This deal showcases the expertise and experience of these professionals in the hospitality sector.