Oklahoma City-based Burnett Equities has acquired NYC Hotel Martinique New York on Broadway for $55.5 million from Herald Hotel Associates. The ownership plans to invest an additional $55 million to redevelop the 531-room property for a total investment of $110 million. The property is one of New York City's oldest operating hotels, and is a landmark property.

In addition to the property's designation as a landmark, the transaction had a number of challenges. The property is unionized and on a ground lease with a nearly vacant retail area. In addition, the property was undergoing a bankruptcy, which was filed in 2020 as the pandemic shuttered the property. As a result, the sale took nearly 12 months to complete, including the marketing process.

Eric Anton and Nelson Lee of Marcus & Millichap's Manhattan office represented the sellers in the transaction and secured the buyer. In addition to brokering the deal, the team also bolstered the property value by securing six retail leases for the property in the midst of the pandemic and in only three months.