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Acquisitions

Salt Equities sells 102 Greenwich Street for $19.2M

Firm paid $6M for the hotel in 2012

102 Greenwich Street (Credit: The King’s College)

The King’s College has acquired 102 Greenwich Street from Salt Equities for $19.2 million. The 36-key hotel spans 16,900 square feet. The college plans to convert the hotel into dorms.

Worth Noting: The ground-floor retail was not included in the deal. While it’s certainly difficult for colleges to afford dorms in the city, it seems like they overpaid. 

Flashback: Sal Smeke and Michael Wahba’s Salt Equities paid $6 million for the FiDi hotel in 2012. Nice return in an asset class that hasn’t been kind to others.

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