Leyad, a real estate investment firm based in Canada, has acquired the Ink48 Hotel in Midtown Manhattan’s Hell’s Kitchen neighborhood in a 50/50 joint venture with locally based private equity firm Capstone Equities. The deal marks Leyad’s first purchase in the New York City market and its second hotel acquisition to date.

Located at 653 Eleventh Ave., Ink48 Hotel has 226 keys. The closing price represents a value of $275,000 per key, or approximately $62,150,000, which would make it one of the lowest closings per key of a renovated hotel in Manhattan in years.

Henry Zavriyev, CEO of Leyad, said, “The acquisition of Ink48 Hotel represents a significant step forward in Leyad’s vision to expand our presence in prime urban markets.” He added that his company “hopes to capitalize on current market upswings in the NYC hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities.”

Capstone Collegiate Communities has assembled enough land in the West University neighborhood of Tucson to build a 144-unit/448-bed student housing project. Capstone successfully secured approximately 1.5 acres at the southwest corner of Speedway and Euclid. It closed on nine parcels from five sellers for over $10 million. Five historic bungalows on the site will survive and be moved a few blocks away in the West University neighborhood. The properties are less than a mile from the University of Arizona.

The new buildings will be four- and seven-story structures they hope to begin construction by August 2024 for an August 2027 delivery.

Scott Soelter and Jayme Fabe with NAI Horizon represented four sellers with seven parcels, and Roger Breckenridge with Long Realty represented a fifth seller with two parcels.

John Ash, with CBRE (Tucson), and Bert Kempfert, formerly with CBRE (Phoenix), were contracted to represent the Alabama-based Capstone Collegiate Communities in the assemblage and acquisition of the parcels.