Milsteins near $200M Milford Plaza hotel sale

The Milstein family is nearing a deal to sell the 1,300-room Milford Plaza hotel for around $200 million to a partnership led by Rockpoint Group, according to the Wall Street Journal. The hotel, which sits between a number of Broadway theaters at 700 Eighth Avenue between 44th and 45th streets, has been closed since December for a major renovation project that was suspended indefinitely in March. The owner, an affiliate of Milstein-controlled Ogden Cap Properties, hired Atlanta-based brokerage Hodges Ward Elliot soon afterward to “test the market and see what the interest is” for the property. The terms of the deal aren’t final, but the Journal argues that the potential sale signals that the Manhattan commercial property sales market is heating up. [WSJ]