Eyal Ofer’s Global Holdings Buys Mondrian Park Avenue Hotel

Eyal Ofer’s Global Holdings has bought the Mondrian Park Avenue, a 190-key hotel in NoMad, paying Moin Development $157 million for the property.

The sale comes two years after Ofer picked up the senior mortgage on the building, at 444 Park Avenue South. At the time, Moin president David Moin told The Real Deal that the company was “trying to work something out with the Global people.”

An agreement between the companies gave Moin until the end of June to pay back the loan and required the deed to the hotel to be placed into escrow. Instead of foreclosing on the debt, Global was transferred the deed when the loan was not repaid by the June deadline.

The sale of the hotel to Global closed on July 3, property records show. Moin Development did not immediately return a request for comment.

The deal ends a sometimes turbulent tenure for Moin at the building, which it bought in 2011, converted to a hotel and added five floors amid a flurry of lawsuits from minority investors.

While the pandemic throttled tourism in 2020, the Mondrian closed temporarily. More than a few New York City hotels sold over the next two years. Ofer’s acquisition comes as tourism has rebounded.

In the second half of last year, revenue generated by a typical hotel room in the city surpassed its pre-pandemic level, according to accounting firm PwC. Nightly revenue per room grew 54 percent from the fourth quarter of 2021 through the end of last year, to $310 from about $200.

When Ofer bought the mortgage on the Mondrian, New York City hotel operators were charging about $185 a night, just below the average operating cost of a room. Global operates more than 1,500 hotel rooms across the U.S., U.K. and Europe, according to the company.

Elsewhere in the city, Global recently acquired 51 Irving Place, a mostly market-rate building with 56 units in Gramercy Park, and it started leasing at 1 West 60th Street, a luxury rental dubbed the Anagram, near Columbus Circle.