The owners of Times Square’s Milford Plaza Hotel are thinking about chopping up the property into three pieces and selling them separately for a heftier profit, according to the Wall Street Journal. Real estate investment group Rockpoint and Highgate Hotels would like to see separate sales from the Eighth Avenue site — the land, the 1,300-room hotel and the retail space, the newspaper reported. [more]
Posts Tagged ‘rockpoint’
[Updated at 2:30 p.m.] When Boston-based real estate investment firm the Rockpoint Group announced that it had sold its stake of Park Avenue Plaza at 55 East 42nd Street earlier this month, the company declined to reveal how much it had received for the sale — but in New York City, secrets don’t stay secret for long.
According to public records filed with the city yesterday, Rockpoint received a massive $569.1 million for its 49 percent share of the 1.2 million-square-foot plaza plus another building at 49 East 52nd Street. The company was represented by CBRE, according to data from Real Capital Analytics. The buyer, Soho China, provided a residential address at 1185 Park Avenue, the same building where JPMorgan CEO Jamie Dimon resides.
Tenants at Park Avenue Plaza currently include BlackRock, McKinsey & Co. and Swiss Re., it was previously reported. Rockpoint bought into the building last year for around $330 million or $570 per square foot. — Katherine Clarke … [more]