Ashkenazy to purchase Marriott East Side for $290M

Morgan Stanley fund bought the hotel in 2005 for $284M

TRD New York /
Dec.December 05, 2014 08:00 AM

Ashkenazy Acquisitions is looking to buy the New York Marriott East Side for $290 million.

The firm is in contract to purchase the 655-room hotel, according to the New York Post, for $443,000 per key.

The Prime Property Fund, managed by Morgan Stanley’s real estate unit, is selling the property, which it bought in 2005 for $284 million. The sellers also spent roughly $56 million on renovations on the 35-story hotel.

The Marriott, located on Lexington between East 48th and East 49th streets, comes cheaper than some other hotels that have been purchased recently. A 99-year lease on the Waldorf Astoria, currently in contract, works out to $1.3 million per room. The Sofitel, which has 398 rooms, went into contract for a total of $273 million, or $686,000 per key.

The pricing is based on cash flow and necessary capital expenditures, the Post reported.

Earlier this fall, Ashkenazy bought two retail buildings near the Port Authority for $40 million. [NYP] — Claire Moses

 
 


Related Articles

arrow_forward_ios
Ben Ashkenazy, CEO of Ashkenazy Acquisition Corporation and 660 Madison Avenue (Credit: Google Maps)

Eataly in talks with Ashkenazy to gobble up some of Barneys space

Eataly in talks with Ashkenazy to gobble up some of Barneys space
Survivors accused Hilton, Marriott, Wyndham and others of knowing about sex trafficking on the property and still financially benefitting (Credit: Wikipedia Commons, iStock)

Major hotel chains named in sex trafficking lawsuits

Major hotel chains named in sex trafficking lawsuits
Marriott Vacations Worldwide CEO Stephen Weisz and 33 West 37th Street (Credit: Google Maps)

Marriott Vacations buys six Midtown commercial condos for $86M

Marriott Vacations buys six Midtown commercial condos for $86M
Clockwise from left: AC Hotel Midtown Miami, E11even and the Gabriel Miami (Credit: iStock, Wikipedia)

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV
181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M

Claremont Companies buys Soho Marriott for $59M
Union Square W Hotel at  201 Park Avenue South (Credit: Wikpedia)

Marriott buys Union Square W Hotel

Marriott buys Union Square W Hotel
OYO Hotels CEO Ritesh Agarwal and OYO Townhouse in Dallas, Texas (Credit: OYO Hotels and Getty Images)

Indian hotel startup to launch in NYC, LA with $300M US investment

Indian hotel startup to launch in NYC, LA with $300M US investment
285 Lafayette Street, Ashkenazy Acquisition's Ben Ashkenazy and Kushner Companies' Charles Kushner (Credit: Google Maps and Sasha Maslov for The Real Deal)

Kushner Cos. pays $39M for Soho retail condo, continuing buying spree

Kushner Cos. pays $39M for Soho retail condo, continuing buying spree
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...