Real Estate with a Vision. And a View.
Parkview acquires, designs, builds and manages hotels and resorts in the tri-state area. Present holdings include the Fire Island Pines oceanside summer resort. Past holdings include The OUT NYC Hotel near Times Square and the Carnegie Hotel at Columbus Circle.
During the 2009 economic downturn, Parkview negotiated a favorable land lease for a new hotel concept on West 42nd Street between Ninth and Tenth Avenues in Manhattan's high-traffic Times Square Theater District.
Inspired by a chain of Spanish hotels that found success catering to the LGBT community, Parkview set out to build a three story, 75,000 square foot hotel with 105 rooms on the site. 26,000 square feet were allocated for food & beverage operations, including a 11,000 square foot nightclub and event space. The remaining 15,000 square feet were split amongst a first floor cafe, restaurant, art gallery, reception area and conference rooms.
After $35 million of construction work in 2010 and 2011, THE OUT NYC opened March 1, 2012 to much acclaim. In its first year, the nightclub bar and lounge operations generated over $8.5 million in revenue and was one of the most successful clubs worldwide. With high occupancy, the 105 rooms generated an additional $11.5 million in revenue that year. The complex employed around 100 hotel and restaurant workers who serviced over 400,000 unique visitors per year.
In 2016, Parkview sold THE OUT NYC to Merchants Hospitality, who now operate the property under the CACHET Boutique Hotel brand.
In 2015, Fire Island Pines, the beloved and historic summer vacation spot for LGBT community located 90 minutes east of Manhattan, was in foreclosure and needed a bailout. It had operated at a loss in the preceding years and without a buyer, would not open that summer.
Parkview and partners acquired the waterfront resort complex for $10.1 million, well below the $25 million asking price. The deal included the property and businesses, including the marina, restaurants, stores, nightclub, hotel and 325 feet of harbor frontage.
In just a few months, Parkview's Reisner recruited a variety of blue-chip partners to increase the quality of the offerings at the resort, including a Barton Gym, BASE General Store, Parke & Ronen boutique, and Gotham Beauty Spa. Voss Events was engaged to enhance programming in the nightclub and bars. The result was a complete turnaround of the businesses - which have been profitable ever since.
Parkview created value for its financial partners on the acquisition at a deep discount, and on the improved business operations. Further, the community benefitted from improved amenities and a sound financial future for sustainable enterprise.
Additional capital expenditures are planned to expand and improve the waterfront facilities, including a complete overhaul of an aged and impaired hotel facility.
"There may be no other outdoor space that functions like the Pavilion in the Fire Island Pines. It is meant to serve as a kind of town square, complete with adjacent retail components. But it is also a gathering place just off the beach, ... where 'low tea' - when people casually mingle with drinks in the late afternoon - morphs into 'high tea.'" --The Wall Street Journal
In 2012, Parkview and partners acquired a site at 100 West 27th Street for $11 million, and set about building a new, 20-story, 122-key hotel. Plans for the 44,000 square foot facility were filed and approved in 2014, and construction began in 2015.
But bigger plans were in the making. Developers Chetrit and Yadidi had acquired an adjacent site at 989-991 Sixth Avenue in 2007, as well as the air rights from nearby Gotham Hall (1356 Broadway). The development rights for Parkview-owned 100 West 37th Street were an essential part of their plans to build high.
The air rights were so valuable to Chetrit and Yadidi that they paid $54.3 million to acquire the site in 2015 - a $43.4 million premium over the 2012 price. After getting six floors up, the site traded - at a significant profit - before construction on the hotel concept completed.
In 2007, Parkview began to acquire a series of small buildings at 292, 294 and 296 Fifth Ave to create an assemblage for a new, ground-up hotel. Over the subsequent seven years, the buildings were vacated and demolished to make way for the new.
Parkview began developing a "Factory Fifth" concept with Starwood and architect Thomas O'Hara in 2008, which was supplanted by a subsequent partnership with boutique hotel developer Richard Born of BD Hotels. Together, they created plans for a 20-story tower with 57,000 square feet of space, including 125 hotel rooms and 12 apartments, designed by architect Gene Kaufman.
In 2017, after all three sites were acquired, vacated and demolished, Parkview and partners sold the combined development site to hotelier Sam Chang's McSam Hotel Group for $42.5 million. Although Parkview's hotel construction plans were not fully realized, the partnership realized a $10 million profit on the sale of the assemblage.
Parkview purchased, owned and managed the Carnegie Hotel in its original location on West 58th Street, steps from Columbus Circle and Central Park. Under Parkview's management, the all-suites hotel maintained an occupancy rate of nearly 100%.
After just a few years, Parkview sold the property for more than twice its original purchase price, and the hotel business moved to a new location.
The underlying property was part of Parkview's plans for Parkview Tower, a residential condo development. An different version of that concept was realized by purchaser Vornado at 220 Central Park South, now one of the world's most prestigious residential addresses.