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.”
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