Arch Street Capital snaps up Midtown Marriott for $90M
Extended-stay hotel was previously owned by real estate baron Harry Helmsley
Arch Street Capital, a Greenwich, Conn.-based real estate investor and adviser, purchased the leasehold interest at the Midtown Extended-Stay Marriott at 144 East 48th Street from AEW Capital Management for $89.6 million.
The deal was funded with a $57 million loan from Barclays, according to the New York Observer. The transaction hit city records Tuesday.
The extended-stay hotel at Lexington Avenue was previously owned by real estate heavyweight Harry Helmsley, husband of Leona Helmsley, and called the Helmsley Middletowne Hotel. Converted from tenement apartments in 1928, the Helmsley trust sold the property for $41.6 million in 2009. Marriott took charge of operations in 2013.
AEW Capital Management did not respond to the Observer’s request for comment, and representatives of Arch Street were not reachable by phone. [NYO] — Julie Strickland