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Helmsley-Spear to market land under Midtown hotel.

A 5,000-square-foot plot of land located underneath the Journey's End Hotel at 3 East 40th Street is being offered for sale.

The land and its accompanying 93-year lease to the hotel is priced at $12 million. Helmsley-Spear officers Earle S. Altman, senior vice president, and Mara Spiegel, vice president, have been named to act as exclusive brokers in the sale representing the owners.

The land is secured by a 31-story, 189 room hotel which was built in 1990 for $30 million. The mortgage for Journey's End Hotel is subordinate to the land lease, and ownership of the hotel will revert to the land-owner if rent payments on the land are not received or if hotel ownership chooses not to purchase the land at the expiration of the lease.

The plot is located on East 40th Street, off Fifth Avenue. It is situated in the Grand Central area across from the New York Public Library, the world headquarters of Republic National Bank and in a lively retail district anchored by Lord & Taylor.
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Title Annotation:land offered for sale underneath Journey's End Hotel at 3 East 40th Street, New York, New York
Publication:Real Estate Weekly
Date:Jul 14, 1993
Previous Article:Unfinished Port Liberte to sell by sealed bid.
Next Article:200 Madison Ave. acquired.

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