Located on East 23rd Street, GIT Group’s newest hotel will surround Madison Square Park.
NEW YORK CITY—Already offering two boutique hotels in Manhattan, the GIT Group has announced plans to drastically increase its hospitality offerings here. The company—which is owned and operated by Benny Bern and Oliver Fajga—is launching plans for up to 20 properties.
The duo is inviting a limited number of new investor partners interested in hotel projects with vast potential and returns in a strong, stable market as the business expands; minimum investment size is $25,000. The next project will be located on 23rd Street between Park and Madison avenues will require an investment of $700,000.
“As the travel business continues to explode in New York, there is tremendous demand for boutique hotels in high-traffic neighborhoods, our area of focus,” says Bern. “For the first time, we are opening the capital to new private investors interested in this growth niche.”.
Bern and Fajga founded the GIT Group in 2008 to focus on New York City real estate, hotels and development projects. Their first hotels, Git Seven and Git Time Square, are located on 7th Avenue between 26th and 27th Street and 39th Street between 5th and 6th Avenue, respectively. The GIT Group, which has invested more than $1.5 million in its two previous hotel projects, will maintain its focus on affordable boutique hotels with clean, modern style in high-demand areas.
The new property will consist of suites, which can be rented as hotel rooms or apartments. While most apartments can’t be rented legally on Airbnb, hotel status provides this option, the plan announcement notes, creating a broader market than traditional hotels or apartments.
Further, the GIT Group provides a high-end technology concept that allows hotels to run with a minimum of staff, offering further efficiencies for investors. Every hotel room features internal software via tablets that link to hotel information for visitors.
Launched in 2008, GIT Group was founded by Bern and Fajga with a focus on New York real estate development and hotels.