Ran Eliasaf, a partner at private equity firm Northwind Group, which is developing a luxury senior center on the Upper West Side, can attest to the difficulties inherent in conversion. Northwind teamed up with Harrison Street Real Estate Capital and the Engel Burman Group, one of the larger senior living operators in the New York metro area, to redevelop a senior center formerly known as the Esplanade, at 305 West End Avenue into a luxury assisted-living facility.
The top 10 Manhattan loans recorded in March totaled $2.19 billion, 81 percent up from the month before. Seven of the top 10 were refinancing deals, with three office and two hotel refis topping the list.
In oh-so-pricey New York, a one-night stay at a Courtyard by Marriott can cost north of $1,000 during peak periods such as New Year's Eve. If you're seeking some semblance of smart design or luxury, good luck finding a halfway-decent room for under $500 a night. But after years of pushback from developers dead-set on maximizing per-room revenues, hoteliers are finding a new way to offer more bang for travelers' bucks all across Manhattan - whether they're looking to pay $200 a night or $2,000.