January 25, 2019
A partnership of Elliott Management and GFI Capital has closed on the acquisition of the Parker New York hotel at 119 W. 56th St. in the Billionaires’ Row corridor. Pricing was not disclosed, but published reports say the partnership paid just over $400 million for the 729-key property.
The new owners have committed more than $100 million to revitalize the 42-story hotel, and will add a mix of new luxury residential condominium units. It will remain open during construction, and will be relaunched as the newest flagship Thompson Hotel in 2021.
“The Parker New York will complement our portfolio of legacy properties, which have created immense value for their respective neighborhoods and communities,” said GFI chairman Allen Gross.
NKF’s Lawrence Wolfe and James Kuhn represented the sellers, while their colleagues Jordan Roseschlaub and Dustin Stolly advised the buyers on financing, provided by Bank OZK. GFI Realty Services advised Elliott and GFI on the purchase.
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