Park Central Hotel fetches $200m; Stanhope facing co-op conversion.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's hotel market is sizzling siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. once again after two major deals demonstrated the lure of the Big Apple to investors. The landmark Park Central Hotel has been sold for over $200M to a partnership comprised Highgate Holdings and the real estate investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company sponsored and managed by Goldman, Sachs & Co. And the operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. of the Stanhope Hotel Stanhope Hotel is a 16-story building at 995 Fifth Avenue in New York City, across Fifth Avenue from Central Park and the Metropolitan Museum of Art. The building was renamed The Stanhope in 2005, reflecting its current use as a residential co-op with 27 units. at 995 Fifth Ave was sold for an unreported price to Gary Barnett, of Intell Management. Sonnenblick-Goldman Company arranged the sale of the 935-room Park Central on behalf of Lehman Brothers. The team included Mark J. Gordon, managing director and principal of Sonnenblick-Goldman, Svetlin Ganchev and Terry Hess. "The hotel's unencumbered nature, which allows ownership total flexibility in repositioning the asset, enabled us to generate tremendous interest from the international investment community," says Mark J. Gordon, managing director and principal of Sonnenblick-Goldman. "In addition, the speed and strength of the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. hotel market recovery has once again proven the city's resilience. New York real estate remains a must-have for the international investment community, for the city is the undisputed capital of the world." Park Central Hotel occupies the full western block front of Seventh Avenue between 55th and 56th Streets, across from Carnegie Hall. The sale continues a trend set last year when Sonnenblick-Goldman's International Lodging and Leisure Group completed $700 million of New York City hotel sale and finance transactions. Meanhwile, few details have yet emerged regarding the Stanhope stan·hope n. A light, open, horse-drawn carriage with one seat and two or four wheels. [After the Reverend Fitzroy Stanhope (1787-1864), British clergyman.] Noun 1. sale. It was purchased from the Pritzker family's Hyatt Hotels, however, the land is owned Allan and Jane Goldman. Barnett has reportedly worked out a deal with the brother and sister team to convert the hotel into a luxury coop, according to published reports. Built in 1926 and patterned after luxurious European manor houses, the landmark 16-story, neo-Italian building overlooks Central Park and the Metropolitan Museum of Art. The 185-room hotel was renovated in 2003 and ceased hotel operations on January 15. |
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