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  11-13 East 31st Street  

11-13 East 31st Street, New York, NY

SBD owns a site on East 31st Street between 5th and Madison which was an assemblage of 5 different parcels. SBD completed the original assemblage in 2007 through a joint venture with AREA Property Partners. Due to the credit crisis, the project was unable to secure construction financing and was placed on hold.

SBD has recently recapitalized the project through a discounted purchase of the original debt, and a discounted buyout of AREA's equity stake. SBD brought in Geolo Capital (The investment arm of John Pritzker) and Thompson Hotels, and now owns the land for $180 per FAR square foot.

SBD recently purchased the land from Geolo Capital with the London-based private equity firm, Cube Capital. It is currently designing the hotel and plans to start construction in early 2013 with an opening in 2014. Thompson/JDV Hotels, now known as Commune, will be managing the 33-story, 260 room boutique hotel, which will have a 125-seat restaurant, lounge and rooftop bar with 360 degree views.