West 57th Street’s shiny new Viceroy Hotel trades for $149M

New York /
Sep.September 25, 2013 10:04 AM

American Realty Capital New York Recovery REIT, a real estate investment trust, has paid ARK Real Estate $148.5 million for the newly-minted Viceroy Hotel at 120 West 57th Street, the company announced Tuesday. The purchase price is about $615,000 per key for the 240-room property.

The deal for the properties was made without brokers, like a number of other high-priced transactions of late, according to the New York Post.

ARK developed the Viceroy, which currently has only a temporary certificate of occupancy, according to city records seen by the newspaper.

The REIT is also paying $40 million for a preferred equity stake in a 27-story, 513,000-square-foot building at 123 William Street in Lower Manhattan, according to the newspaper.

West 57th Street is poised for two more new hotels before the end of 2014: the 208-room Quin, located on the former Buckingham site at the northwest corner of Sixth Avenue, and the 210-room Park Hyatt, part of Extell Development’s One57 condominium tower.  [NYP]Hiten Samtani


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