Park Central hotel hits the market

October 05, 2010 09:00AM

Park Central hotel

The owners of the legendary Park Central hotel have put the 1,000-room property on the market and could get as much as $400 million in a sale, according to the Post. The hotel, where Eleanor Roosevelt, Mae West and Jackie Gleason once stayed, was the recent subject of a $65 million renovation project. Owners Rockpoint and Highgate Hotels have asked Atlanta broker Mark Elliott to handle the bidding process at the 870 Seventh Avenue hotel. Meanwhile, Elliott is also brokering a deal for Rockpoint at Eighth Avenue’s Milford Plaza hotel, which it is said to be buying from the Milstein family. Tom McConnell, a senior managing director at Cushman & Wakefield Sonnenblick Goldman who is not involved in either deal, said the Park Central would command between $350,000 and $400,000 per room. “It will get a lot of attention in this market because there isn’t much else for sale,” he said. [Post]