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CoStar Commercial Real Estate News

GDC Betting on Apartments
New York developer and operator GDC Properties is doubling down on multifamily investments, another endorsement of the sector’s long-term prospects. GDC, of Hawthorne, NY, is selling its retail holdings and pumping the proceeds into high-end apartment properties, primarily in the Florida and New York markets. GDC owned or was partners in about 3.9 million square feet of retail space just two years ago, but has since whittled that down to a mere...
Best Western Hotel in Albany Sells for $12.35M
Lawrence-based management company Promenade Management has purchased the Best Western Hotel at 1228 Western Ave. in Albany, NY, for $12.35 million, or about $63,000 per room. The five-story, 196-room hotel was constructed in 1976. The property sits on 5.8 acres and contains 303 parking spaces. Please see CoStar COMPS #4067168 for more information on this transaction.
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