Milford Hotel land sells for $325 million

A partnership between David Werner and Deutsche Asset & Wealth Management’s real estate investment business has bought the leased fee interest in the Milford Hotel in Times Square for about $325 million, Real Estate Weekly reported. The sellers, Rockpoint Group and hotel operator Highgate, bought the entire property in 2010 for about $200 million.

They are planning on selling the remaining two pieces of the property — a retail condominium and the 1,300-room hotel — separately, as previously reported. The deal was an off-market transaction.

“We are pleased to add this high-quality investment to our client’s portfolio,” Todd Henderson, Deutsche’s head of real estate in the Americas, said in a statement. “Acquiring the leased fee interest in a prime New York City location is expected to provide strong and durable long-term returns.”

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Deutsche also recently invested in a $290 million mezzanine debt in a retail condominium at 717 Fifth Avenue, acquired a retail condominium leased to the high-end retailer All Saints at 415 West 13th Street, and purchased 473-475 Broadway. [REW]Evan Bleier

 

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Milford Hotel land sells for $325 million

A partnership between David Werner and Deutsche Asset & Wealth Management’s real estate investment business has bought the leased fee interest in the Milford Hotel in Times Square for about $325 million, Real Estate Weekly reported. The sellers, Rockpoint Group and hotel operator Highgate, bought the entire property in 2010 for about $200 million.

They are planning on selling the remaining two pieces of the property — a retail condominium and the 1,300-room hotel — separately, as previously reported. The deal was an off-market transaction.

“We are pleased to add this high-quality investment to our client’s portfolio,” Todd Henderson, Deutsche’s head of real estate in the Americas, said in a statement. “Acquiring the leased fee interest in a prime New York City location is expected to provide strong and durable long-term returns.”

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Deutsche also recently invested in a $290 million mezzanine debt in a retail condominium at 717 Fifth Avenue, acquired a retail condominium leased to the high-end retailer All Saints at 415 West 13th Street, and purchased 473-475 Broadway. [REW]Evan Bleier

 

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