International real estate advisor Savills has managed the sale of Manhattan’s MAve Hotel to MAve Investors LLC at a price of approximately $28.5 million (€20.69 million).

The MAve is a 72-room, 12-storey boutique hotel at 62 Madison Avenue on the corner of 27th Street in New York. One block north of Madison Square Park and the Flatiron Building, the property is situated in the NoMad submarket of the Flatiron district, one of Manhattan’s most-vibrant hospitality districts.

Justin Magazine, Savills vice president and leader of the firm’s hospitality team in New York, says: “This acquisition presents the buyer with an outstanding opportunity to reposition the property. The retail component also brings considerable upside to the transaction. Coming in at just below $30 million, this sale shows that pricing is strong in New York City’s hospitality marketplace.”

Formerly known as the Madison Hotel, the MAve caters for both business and leisure guests. It has an attractive lobby on the first floor that includes vacant, corner retail space suitable for a café, bar or retail. The retail area has a store frontage on both Madison Avenue and 27th Street.

The hotel, which includes a penthouse suite and a fitness centre, was completely refurbished in 2009 at a cost of approximately $7 million.

After several years of going through the court system, the hotel was sold on a post-bankruptcy basis.