Expanding its portfolio with the addition of a luxury hotel, the joint venture of Deka Immobilien Investment GmbH and Ashkenzay Acquisition Corporation has closed on the acquisition of the Marriott New York East Side, at 525 Lexington Ave., for $270 million. This was their second joint venture in Manhattan, after purchasing the retail condominium at 522 Fifth Ave. last fall (NYLJ, Nov. 5, 2014).
The 665-room, 406,261-square-foot midtown hotel at Lexington Avenue and 49th Street was sold by Morgan Stanley, which reportedly purchased the property for about $287 million in 2005.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
