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NEW YORK CITY-The roaring twenties brought a number of landmark buildings to the Manhattan landscape, representing the glamour and abundance of a time when stock values were high and no one knew the fall to come around the corner. In the height of the building frenzy of soaring art deco properties and luxurious spaces, the Hotel Delmonico was built in 1929. The hotel became a name to drop in films and television and now the famous property is up for sale.

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.

“There currently are a limited number of trophy quality hotels with significant re-development potential available in the world’s top tier cities, which will further add to the excitement of this spectacular offering,” concludes Gordon.

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