The Broome Hotel

The Broome sits on Broome Street in SoHo, steps from the cast-iron blocks that define the neighborhood. It is a small, independently run hotel, five stories with roughly fifteen rooms, built around intimacy rather than scale.

That made it an atypical sale. The buyer would acquire real estate and a working hospitality business together, so the property had to make sense to more than one kind of buyer: an operator reading it through room revenue and staffing, and a private buyer who might see a rare SoHo building in its own right. In December 2021 the New York Post covered it as a hotel that could become a single-family mansion, at a $20 million asking price.

Raphael brought in the listing and handled the sale himself, end to end: the marketing, the presentation of the property to the market, the search for a buyer, the negotiation, the due diligence, and every issue that surfaced on the way to closing, working in detail with the seller, the buyer and the attorneys.

He found the buyer and sold to them directly: 18 Main, a hospitality group whose purchase Hotel Management covered in September 2023. The hotel closed on August 18, 2023, for $14.05 million.

• Experience with assets that combine real estate and an operating business, where value depends on more than square footage.
• The stamina to carry a complex sale through a long cycle, and to keep it together when issues arise.
• Personal involvement at every stage, from the first presentation to the last closing document.

For owners of distinctive properties, such as a small hotel, a mixed-use building or a residence without a direct comparable, the buyer pool has to be defined before the price. That is where Raphael starts.