Masterworks Development Corporation

The Problem

A hotel developer was seeking sites for a business boutique hotel in Rockefeller Center that had a demand he could not accommodate.

Masterworks

11 West 51st Street
New hotel under construction

The Solution

As buyer’s broker, Cumulus seized on a rare opportunity to acquire a building that was not on the market for sale. When JPMorgan Chase acquired Bank of New York, Cumulus realized there would now be two Chase bank branches on the same block facing Rockefeller Center. After speaking with Chase representatives and confirming that they found two branches redundant, and they would in fact be interested in selling the bank owned property, we presented this site to our client. The site is being constructed today as a hotel and is adjacent to the client’s existing hotel only a few feet to the west.

The Benefit

The developer is now able to service the overflow from his existing hotel a few steps away. In addition, the developer was not required to duplicate hotel services he had already constructed – a significant savings to the project.

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