NEW YORK CITY-A partnership of locally-based investor David Werner and Deutsche Asset & Wealth Management have acquired the ground lease of the Milford Plaza Hotel.
The transaction involving the ground lease under the block-long hotel was acquired from a partnership of Highgate Holdings and the Rockpoint Group. Crain's New York Business reports that sources say the deal announced on Friday was likely around $325 million.
Rockpoint and Highgate are marketing the property to buyers without holding an official auction for the 1,331-room hotel and other related components. There are three separate deals being conducted: the recentlh concluded ground lease, the hotel, and the building's retail spaces. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
