Magna Hospitality sells two hotels in Midtown for $135M

Magna Hospitality Group has sold two Midtown hotels in a transaction valued at $135.2 million. The purchaser, an undisclosed Middle Eastern investment firm, has acquired the Holiday Inn Express Herald Square for $63.3 million  and the Hampton Inn United Nations for $71.9 million. The hotels are located at 60 West 36th Street and 231 East 43rd Street, respectively. [TRD]

Smaller is Better for Tamarkin’s Chelsea Project

Cary Tamarkin has smaller plans for a 25-unit condo project in West Chelsea. In contrast to his recently completed 508 West 24th Street building, the new condos will be a little less spacious and little less expensive. Tamarkin explains, “There are going be slightly more-value apartments.” The penthouses in this new project will range from 2,500 square feet to 3,000 square feet, while the lower level units will range from 1,500 to 2,000 square feet, in contrast to the West 24th Street building, where lower floors offered 2,300 square feet. [TRD]

MaxDelivery Opens Second Location in Garment District

MaxDelivery has agreed to lease 9,800 square-feet at 318 West 39th Street from the Gural family, with plans to to open in mid-2015. Its occupation of the ground floor in the 12-story building will be the hybrid grocery store and one-hour delivery service’s second retail location in the city. Scott Editz, a senior managing director at Colliers International who represented MaxDelivery states, “The arrival of this hybrid supermarket chain in the Garment District is a new model for retail in New York City as technology continues to transform the industry. Many retailers are moving towards online platforms to stay competitive, but shoppers still find value and a sense of credibility that comes with mom-and-pop, brick-and-mortar stores. With a combination of the two, MaxDelivery maintains the appeal of a local business, while also offering customers the convenience of online service and delivery.” [CommercialObserver]

For CRE, It’s All About Quality

Real Estate veterans agree, its all about quality these days. At last week’s RealShare New York Event, CBRE EVP Paul Myers commented on the change, “It used to be about location, location, location. Now it’s about location, quality, quality.” And the location showcasing the most quality at the moment is Manhattan’s Far West Side, particularly the Hudson Yards. MK’s own Bob Knakal stated that the city’s west side “is going to be center of Manhattan 20 years from now.” [GlobeSt]

Hawaiian Investor Purchases Midtown Hotel

A little bit of Hawaii comes to the Manhattan. Shidler Group, a commercial real estate investment firm based in Hawaii, has purchased the Fairfield Inn & Suites, a Marriott brand hotel, for $69.6 million. The Midtown hotel is located at 325 West 33rd Street, between Eighth and Ninth Avenues, and consists of 22 stories and 239 rooms. Shidler purchased the building from OTO Development, who bought the building in 2010 for $21.9 million. [TRD]