1:15 pm, March 13, 2013
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Milford Hotel
By Sarah Trefethen
A partnership of Deutsche Asset & Wealth Management?s real estate investment business and David Werner have purchased the the leased fee interest in The Milford Hotel in New York.
The investment is subject to a new 99-year ground lease and was acquired in an off-market transaction.
Rockpoint Group and hotel operator Highgate Hotels are selling the property in three pieces, the Wall Street Journal reported last month. The two remaining pieces are a retail condominium and the 1,300-room hotel itself.
The Times Square property encompasses a block-front along 8th Avenue between 44th and 45th Streets and is within walking distance to Penn Station, Madison Square Garden, the Jacob Javits Convention Center and numerous theatres and subway stations. The building was constructed in 1928 and is nearing completion of an extensive renovation that began in 2010.
?We are pleased to add this high-quality investment to our client?s portfolio,? Todd Henderson, head of real estate, Americas at Deutsche Asset & Wealth Management, 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.?
The sale price for the ground lease is said to be around $325 million, according to published reports.
The sellers bought the entire property in 2010 for about $200 million.
Deutsche Asset & Wealth Management?s investment in The Milford Hotel follows other recent off-market transactions in New York City on behalf of its investors, including a $290 million mezzanine debt investment in a retail condominium at 717 Fifth Avenue, the acquisition of a retail condominium leased to the high-end retailer All Saints at 415 West 13th Street and the acquisition of 473-475 Broadway.
Other posts by Sarah Trefethen
Source: http://www.rew-online.com/2013/03/13/sale-of-milford-hotel-land-fetches-325m/
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