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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 LANDMARK DELMONICO HOTEL TO DONALD TRUMP FOR $115 MILLION |
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Friday, February 08, 2002
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New York, NY
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Donald Trump has acquired the Hotel Delmonico at Park Avenue and 59th Street in Manhattan for $115 million. Sonnenblick-Goldman Company, which served as exclusive advisor to the seller, selected Mr. Trump, who was among the twelve highly-qualified, international finalists during a very competitive marketing process.
“The Hotel Delmonico represents an underutilized New York landmark. Donald Trump has the ability to maximize the asset’s potential. I am certain the investment will be an excellent one given his proven track record and expertise,” says Mark J. Gordon, managing director and head of Sonnenblick-Goldman’s international lodging and leisure group.
The Hotel Delmonico is a 31-story structure built in 1927. It was converted to a 193-unit luxury apartment building in 1974, and reconverted into an all-suites hotel in 1990.
Not included in the sale is a small, adjoining building at 59 East 59th Street, which will be donated to a private foundation to be used as a not-for-profit theater.
Mr. Trump’s purchase of the Hotel Delmonico reaffirms that New York remains one of the best investment markets in the country, according to Joseph Williams, managing director. “New York is the financial and leisure capital of the world, and top investors, such as Mr. Trump, continue to seek exceptional properties, such as the Hotel Delmonico, for their portfolios,” says Mr.Williams. |
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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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