AEW Capital Management Acquires Hotel In Grand Central For $49.9M

AEW Capital Management has acquired a leasehold interest in the hotel located at 148 East 48th Street in the Grand Central market. The property spans 114,533 square feet and was sold by Stonebridge Companies for a total price of $49,850,834. The sale represents a FAR of 11.35 and falls under tax class 4. The lot size is measured at 10,091 square feet with dimensions of 100.5 feet by 100.42 feet. Permits for alteration type 3 were issued on May 14, 2019.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $49,850,834
• Market: Grand Central
• Address: 148 East 48th Street
• Square Footage: 114,533
• Buyer: AEW Capital Management
• Seller: Stonebridge Companies
• FAR: 11.35
• Tax Class: 4
• Lot Size: 10,091
• Permits: Alteration type 3 (05/14/2019)
• Lot Dimensions: 100.5 ft x 100.42 ft

Navin Dimond & Jeff Furber represented the buyer, AEW Capital Management, in this leasehold transaction.