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NEW YORK CITY-The upscale Setai Fifth Avenue, which sits between 36th and 37th streets, has a new owner, and the company rebranded the property.

Pacific Fifth Avenue Corp.—an affiliate of Great Eagle Holdings—purchased the 214-room hotel for $229 million from 400 Fifth Realty LLC. Cushman & Wakefield‘s Tom McConnell, executive managing director and Jared Kelso, managing director, represented Great Eagle in the transaction, while Dentons partner Andrew Weiner served as counsel to Great Eagle. The funding came from a floating-rate loan that was provided by a Singapore-based bank. The building’s residences were not part of the collateral.

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