A Hong Kong real estate powerhouse is in late-stage talks to buy the Standard Hotel along the High Line.
If the deal goes through, Gaw Capital Partners would pay $340 million for the property, 15 percent less than what the hotel was in contract to sell for in 2014, the New York Post reported.
In 2014, hotel management company Standard International went into contract to buy the hotel for $400 million from Dune Capital Management and Greenfield Partners. The deal, however, never went through.
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The decline in price can be attributed to a number of factors, including the over-saturation of the city’s hotel market and greater competition from the likes of Airbnb. Cushman & Wakefield’s Tom McConnell, who is not involved with the Standard deal, said the price drop would be “similar to the diminution in values that we’ve seen around the city.”
Gaw, a fund run by Goodwin Gaw and his siblings, owns property worth an estimated $8 billion around the world. The company’s U.S. arm manages more than $2.7 billion worth of assets, including the Hollywood Roosevelt Hotel in Los Angeles. The company is also an investor in Second Home, a London-based co-working company.