Joe Sitt pays $65M for Milford Plaza retail
Joseph Sitt’s Thor Equities is buying the retail portion of the Milford Plaza Hotel for $65 million, the New York Post reported.
Sitt will pay $2,730 per square foot for the 27,456-square-foot retail space in the 27-story Times Square hotel, once the city’s largest. The deal, which includes a partial lease-back By The Hotel For A Food Court and gym, will see Sitt will acquire the long-term leasehold on the property until 2112.
The Rockpoint Group and Highgate Hotels paid $200 million in 2010 for the Milford property at 700 Eighth Avenue between West 44th and West 45th streets and hired top Eastdil Secured brokers Adam Spies and Doug Harmon to split up pieces of the property and market it out to investors.
The space includes 11,675 square feet on the ground floor, 11,862 square feet below-grade and 3,919 square feet on the second-floor lobby level. It also gives the owner the right to “blade” signage – signs that protrude from the façade of the hotel. [NYP] – Hiten Samtani