Firm paid $6M for the hotel in 2012
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.