Sonnenblick-Goldman Co. has been selected as the exclusive advisor in the sale. The hotel, at Park Avenue and 59th Street, is a 300,000 sf property. When it opened it was a 525-key hotel, but now only contains 169 suites and 40,000 sf of retail and private residential space.

"The acquisition of the Hotel Delmonico represents an opportunity of a lifetime for an investor -- to redevelop a landmark Park Avenue asset," says Mark Gordon, managing director of Sonnenblick Goldman's International Lodging and Leisure Group.

"Given the Delmonico's landmark location, the asset can be redeveloped in a variety of ways, including as a luxury hotel, a high-end residential condominium, a boutique office building or some combination thereof, all of which would likely include a flagship retail component. Accordingly, we expect the property to be of interest to a wide variety of investors on a global basis," adds Joe Williams, managing director ofSonnenblick-Goldman Company.