The Real Deal New York

Posts Tagged ‘highgate holdings’

  • 412-Cliff-Richard

    From left: 412 West 15th Street (Photo credit: PropertyShark), Cliff and Richard Meilman

    The Boston-based Rockpoint Group and its operating partner Highgate Holdings will develop a vacant lot in the Meatpacking District on land that is leased for 99 years by Meilman Family Real Estate, sources told The Real Deal. [more]

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  • 790 Seventh Avenue

    From left: 790 Seventh Avenue exterior, interior

    The owners of the Manhattan at Times Square Hotel have proposed to cap the building with 23 more floors, according to a plan exam application filed Wednesday. [more]

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  • paramount-lobby

    Paramount Hotel at 245 West 46th Street (Inset: Aby Rosen)

    Interstate Hotels & Resorts is taking over as manager of RFR Holding’s Paramount Hotel in Times Square. [more]

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  • alternate<br /></a>text
    From left: 650 Madison Avenue and Joe Sitt

    Does the $1.3 billion sale of 650 Madison Avenue, which entered contract last week, herald a commercial real estate bubble? Not quite, Thor Equities CEO Joseph Sitt told Bloomberg News. Its buyers, Crown Acquisitions and Highgate Holdings, see value in the property’s retail component, he said. See the video and more after the jump.

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  • Adam Spies and 1466 Broadway

    Invesco has purchased the vast majority stake in the retail condominium at 1466 Broadway for $195.8 million, city records show. Crown Acquisitions and Highgate Holdings will continue to hold minority stakes of the Times Square property, with Crown continuing to operate a part of the retail space, The Real Deal has learned. As Crain’s reported last week, Walton Street Capital sold its majority stake to Invesco for upwards of $100 million. Crown Acquisitions was part of an investment group that purchased the property, and then sold the upper portion of the building to Highgate Holdings. … [more]

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  • From left: Haim Chera and 1466 Broadway

    Walton Street Capital sold to Invesco its majority stake in the 50,000-square-foot retail condominium at 1466 Broadway in Times Square for upwards of $100 million, Crain’s reported. As a result of the deal, Invesco will now be among the three owners of the space, which is valued at $200 million. Crown Acquisitions and Highgate Holdings are the space’s other stakeholders. Adam Spies and Doug Harmon helped arrange the deal. [more]

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  • The Manhattan at Times Square

    Rockpoint Group, a private equity firm, in partnership with a Goldman Sachs real estate fund and Highgate Holdings, purchased the Manhattan hotel at 790 Seventh Avenue at West 51st Street for $275 million in cash, the New York Observer reported.

    The 665-key hotel will be operated by Highgate Holdings. The sale is part of Starwood Hotels & Resorts’ transition into an “asset-light model,” and has been in the works for two years, since the Sheraton flag was removed as the company reevaluated its assets.  [more]

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  • Construction at 136 West 42nd Street

    The 282-room hotel rising at 136 West 42nd Street will be branded a Hilton Garden Inn, the New York Post reported as it continues to track development along the block between Sixth and Seventh avenues.

    Construction has begun on the mid-priced hotel, which is being developed next door to FelCor’s Knickerbocker Hotel by a joint venture of Highgate Holdings, Crown Acquisitions and Ashkenazy Acquisitions. Once construction is complete in 2014 Highgate will sell the hotel portion to Diamond Rock Hospitality for $445,000 per room. [more]

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  • Progress on West 42nd Street revamp

    January 17, 2012 09:30AM

    From left: Knickerbocker Hotel and a rendering of the hotel coming to 136 West 42nd Street

    The high-profile block of West 42nd Street between Sixth and Seventh avenues has long needed an upgrade, according to the New York Post, and after tracking developments on the block it’s clear that progress is being made.

    The partnership of Highgate Holdings, Crown Acquisitions and Ashkenazy Acquisitions has completed interior demolition work in its bid to revert the former Knickerbocker Hotel, at 1466 Broadway, back to a luxury hotel from Class B office space. [more]

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  • From left: Stanley Chera, founder of Crown Acquisitions, Ben Ashkenazy, chairman and CEO of Ashkenazy Acquisition, Neil Bluhm, a co-founder of Walton Street, and the Knickerbocker Hotel building

    A joint venture that includes Crown Acquisitions and Ashkenazy Acquisition has segmented the landmarked, 282,000-square-foot Knickerbocker Hotel building near Times Square into three commercial condominiums.

    The ownership split the 15-story Beaux-Arts structure at 1466 Broadway on the corner of 42nd Street, into one hotel condo and two retail condos, city property records filed Monday show. The state Attorney General’s office, which regulates condominiums, approved the conversion plan Nov. 10, the papers show.

    Chicago-based investor Walton Street Capital partnered with Texas-based hotel owner Highgate Holdings, and Midtown-based Crown and Ashkenazy to purchase the building for $180.5 million in July 2010.
    [more]

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  • Peter Poon Architects filed plans this month for a 36-story hotel at 136 West 42nd Street that includes 15,000 square feet of retail space created with the expectation that it can draw some of the throngs one block east from Times Square. The 282-room hotel is being developed by hotel owner and manager Highgate Holdings and Chicago-based private equity firm Walton Street Capital, along with investors Crown Acquisitions and Ashkenazy Acquisition. The new building plans are under review, the city’s Department of Buildings website shows. The 404-foot-building will have about 135,000 square feet of hotel space, the filing shows. … [more]

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  • Changes are afoot on 42nd Street. The Blackstone Group, owner of Midtown office tower 1095 Sixth Avenue, has finally filed demolition plans for 124 West 42nd Street, a vacant five-story building it owns in the same area on the blockfront of West 42nd Street between Sixth Avenue and Broadway, the New York Post reported. The demolition will make room for the company’s long-awaited three-story, glass-enclosed retail building, which will contain 42,000 square feet.

    Highgate Holdings has also begun test borings at 136 West 42nd Street, its vacant lot slated to become a hotel, the Post said. Highgate is in contract to sell the new hotel — which will have between 250 and 400 rooms — to Diamond Rock Hospitality. … [more]

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  • Despite the sharp contrast between the steady rise in investment sales prices for New York City’s trophy buildings over the past year and a sputtering national economy, a group of local real estate professionals said the Manhattan market was still heating up. Adam Spies, a sales broker and senior managing director at Eastdil Secured, moderated a four-person panel last night on the rooftop of the Olivia residential rental building, at 315 West 33rd Street, that touched on property values, office rent pricing, hotel occupancy and residential development, sponsored by the real estate division of the Friends of the Israel Defense Forces (see photos above). The four panelists were David Schonbraun, co-CIO of office landlord SL Green Realty; Neil Luthra, principal with hotel owner Highgate Holdings; Scott Alper, principal at the property investment firm Witkoff Group; and Avi Banyasz, managing principal at private equity firm TPG Capital. Compiled and condensed by Adam Pincus Click here to read the Q & A.
    [more]

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  • The estate of Lehman Brothers Holdings has taken control of the 169,664-square-foot On the Ave Hotel at 2170-2178 Broadway at 77th Street for $191 million, a spokesperson for the estate confirmed. “The strategy of the estate has been to maximize the value of its properties — not to fire sale them,” she said.

    According to Real Estate Weekly, Lehman has been involved with the property for at least a decade, having had a $31.7 million mortgage in 1997 with a previous owner. The estate’s path to obtaining control was not immediately clear. There was no recent lis pendens filed against the building, according to PropertyShark.com’s records, but the sale may have been a deed in lieu of foreclosure. … [more]

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  • Park Central Hotel sells for $405.5M

    June 06, 2011 06:15PM

    Bethesda, Md.-based real estate investment trust LaSalle Hotel Properties has agreed to purchase the Park Central Hotel at 870 Seventh Avenue between 55th and 56th streets for $405.5 million, according to Crain’s. The deal is likely to close in the third quarter of 2011.

    The 934-room hotel, built in 1928, is currently owned by Highgate Holdings, which will continue to operate and manage the hotel after the sale. The property is slated to undergo a $30 million to $35 million renovation next year, including upgrades to guest rooms, bathrooms, corridors and lobby. … [more]

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  • Radisson Lexington sells for $335M

    May 12, 2011 11:25AM
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    The Radisson Lexington was sold for $335M

    DiamondRock Hospitality is finalizing a deal to purchase the 712-room Radisson Lexington Hotel at 511 Lexington Avenue between 47th and 48th Streets for $335 million, or $470,000 a room, according to the Wall Street Journal.

    That’s a step up from the $443,700 per room that RLJ Development paid for the 775-room Double Tree Metropolitan hotel three blocks north in December. … [more]

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  • Midtown’s Paramount Hotel up for auction

    February 11, 2011 03:28PM

    Midtown’s Paramount Hotel is set to hit the auction block, according to Crain’s. The hotel, located 235 West 46th Street between Seventh and Eighth avenues, is currently owned by Walton Street Capital and Highgate Holdings, the latter of which is expected to retain a stake in the building. The 597-room hotel is expected to draw numerous bidders. Although it was not immediately clear how much the hotel is expected to net at auction, hotel investors are increasingly interested in the New York City market, according to John Fox, a senior vice president at PKF Consulting. … [more]

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  • 136 West 42nd Street (credit: PropertyShark)

    Two new hotels and a retail complex are coming to Times Square, between Sixth Avenue and Broadway, the space formerly occupied by Pop-Tarts World and Charmin Restrooms, DNAinfo reported. A new 250- to 300-room hotel is set to open in 2013 in the now-vacant lot at 136 West 42nd Street, worth from $112.5 to $135 million, according to DiamondRock Hospitality Company, which announced the deal. Highgate Holdings, which is expected to operate the hotel, declined to comment on its plans for the property, but C. Bradley Mendelson, executive vice president at Cushman & Wakefield, which has been in negotiations over retail space there, said the property will likely rise 30 stories and could become a Hilton. … [more]

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  • Doubletree Metropolitan trades for $335M

    January 18, 2011 09:27AM

    Black Entertainment Television founder Robert Johnson’s development company has picked up its third New York City hotel in three years with the purchase of the Doubletree Metropolitan Hotel in Midtown for $335 million, the Wall Street Journal reported. The 755-room, Morris Lapidus-designed property, originally built as the Summit hotel by the Tisch family in 1961, last traded for $110.5 million in 2003. The seller group, which consists of Highgate Holdings, Goldman Sachs’ Whitehall Real Estate Funds and Rockwood Capital, had put $35 million into renovations since then. … [more]

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  • The Gap, along with several other major retailers, may soon be on their way to the recently-sold Knickerbocker Hotel, Stanley Chera, founder of Crown Acquisitions, told the New York Times. As The Real Deal first reported, Crown acquired the iconic property with Highgate Holdings earlier this month. Chera said its transformation into a 400-room hotel and retail complex should be complete within 24 to 30 months. He also has interests along Fulton Street in Brooklyn, where Crown recently closed a deal on a Long Island University student housing and retail building. Chera said his aim is to turn Fulton Street, the sixth-largest shopping corridor in the city, into “a 24-hour street — a small Times Square.” Other burgeoning submarkets are Red Hook and the World Trade Center neighborhood, said Chera, who is an investor in the long-delayed rebuilding project. “If you’re a developer and you have deep pockets, you could buy any of these office buildings in Lower Manhattan today and in three to five years you’ll make a fortune,” Chera said. [NYT]

    [more]

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