Spirit Bascom / Al Zayani joint venture acquire prestigious mixed-use Manhattan Property
NEW YORK, June 15, 2015 /PRNewswire/ — Saker Capital is pleased to announce the successful closing of “285 West 12th Street”, a boutique mixed-used property located at 285 West 12th Street in New York City, by our client Spirit Bascom Ventures, LLC (a partnership between The Bascom Group and Spirit Investment Partners), who formed a joint venture with Al Zayani Investments BSC, a family office in the Kingdom of Bahrain to acquire the property.
285 West 12th Street is located in one of the most prestigious and desirable neighborhoods in Manhattan on a rare brownstone filled, tree-lined, cobblestone block in the city’s West Village. The surrounding area is home to many of Manhattan’s most stylish boutiques, sidewalk cafes, and restaurants which command some of the highest retail and residential rents in all of Manhattan. The West Village neighborhood boasts an extraordinarily high median net worth of $1,334,000 and a median income of $124,000; which is 229% higher than the overall New York City. Manhattan has the lowest vacancy rate in USA at 1.81%, causing rental units to be perpetually scarce and creating upside pressure on rents.
The ground floor commercial tenant houses The Beatrice Inn, a world renown, downtown power spot and celebrity hang out, co-owned by Vanity Fair editor Graydon Carter.
Saker Capital served as exclusive financial advisor to Spirit Bascom Ventures on this transaction.
About Saker Capital
Founded in 2006 and operating from its offices in Dubai and Los Angeles, Saker Capital is a real estate investment and advisory firm specializing in raising capital for proprietary commercial real estate investment opportunities. Leveraging an extensive network and longstanding relationships with leading capital sources (sovereign wealth funds, banks, pension funds, alternative asset management firms, family offices and high net worth individuals) throughout the Middle East, Asia and Europe, Saker Capital skillfully matches capital partners with its clients based upon shared investment criteria and operating objectives. Saker Capital’s unique combination of capital markets and real estate experience enables it to develop bespoke financing solutions that maximize value for their clients, resulting in an optimally negotiated transaction structure.
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