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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $55 Million
Construction Loan for New Hotel in Midtown Manhattan |
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Friday, December 05, 2008
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New York, NY
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Contact: Jessica Forman, Quinn & Co., 212.868.1900 x246, jforman@quinnandco.com
New York (November 19, 2008) – Although obtaining financing is considerably
more difficult in today’s credit market, Cushman & Wakefield Sonnenblick
Goldman is pleased to announce that it has successfully arranged a $55 million
construction loan for a new upscale hotel that is rising at the corner of Lexington
Avenue and 48th Street.
“While the finance market is quite challenging, there are creative ways to
capitalize hospitality transactions,” said Mark Gordon, executive vice president,
principal and head of the U.S. Hotel Group at Cushman & Wakefield Sonnenblick
Goldman. “This will be the first new hotel to be built in the Midtown submarket in
many years, which underscores the viability of the New York hospitality market,
as virtually every other major U.S. city has had multiple full-service hotels
constructed during this period.”
Opening in 2010, the 25-story luxury suite hotel will include 116 guest suites, a
library lounge, wine bar and café, an executive boardroom, and a fitness center
with in-room spa services. Features include European kitchenettes and in-room
state of the art technology for the longer stay business or leisure traveler.
Hersha Hospitality Management, L.P., a leading hotel operator with over 9,546
hotel rooms in major metropolitan markets will manage the property upon its
completion.
The development will also include approximately 3,800 square feet of prime
corner retail space on Lexington Avenue – located on the lower- and first-floor
levels of the hotel – and is expected to be leased to a high-end retailer.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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