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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Arranges Sale Of Manhattan’s Park Central Hotel
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Wednesday, January 12, 2005
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New York City, NY
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Sonnenblick-Goldman Company, on behalf of Lehman Brothers, has arranged the sale of the landmark Park Central Hotel to a partnership composed of affiliates of Highgate Holdings and the real estate investment funds sponsored and managed by Goldman, Sachs & Co.
The 935-room Park Central Hotel occupies the full western block front of Seventh Avenue between 55th and 56th Streets. The hotel sits across from Carnegie Hall and is within blocks of Columbus Circle, Times Square, Central Park and Lincoln Center.
It contains about 8,500 square feet of function space and 8,000 square feet of retail area.
“The hotel’s unencumbered nature, which allows ownership total flexibility in repositioning the asset, enabled us to generate tremendous interest from the international investment community,” says Mark J. Gordon, managing director and principal of Sonnenblick-Goldman.
“In addition, the speed and strength of the New York City hotel market recovery has once again proven the city’s resilience. New York real estate remains a must-have for the international investment community, for the city is the undisputed capital of the world.”
Sonnenblick-Goldman’s International Lodging and Leisure Group completed $700 million of New York City hotel sale and finance transactions in the past 12 months, and has completed over $1.5 billion of such transactions on a national basis. The transaction team for the Park Central assignment included Mr. Gordon, Svetlin Ganchev and Terry Hess.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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