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The 1,300-room Milford Plaza sold for US$200 million. (click to enlarge.) |
NEW YORK—Highgate Holdings and Rockpoint Group LLC paid US$200 million to acquire the 1,300-room Milford Plaza Hotel located less than a block from Times Square.
The seller was Milford Plaza Associates LLC, an affiliate of Ogden CAP Properties. The official name of the buyer, as listed on the property’s deed, is RP/HH Milford Plaza Owner. The purchase amounts to US$153,846 per room.
The hotel’s consolidated US$85-million mortgage was paid off in 2003 by Milford Plaza Associates, according to the New York City Department of Finance.
New York City Real Property Transfer Tax amounted to US$5.25 million and New York State Real Estate Transfer Tax totaled US$800,000 on the deal, records show.
An Ogden representative referred calls to an outside public relations agency. Officials at Highgate and Rockpoint declined comment, according to a representative at an outside public relations agency.
Milford Plaza was built during the 1920s and occupies the block of Eighth Avenue between 44th and 45th streets. Highgate and Rockpoint plan to renovate the exterior of the hotel along with the guestrooms, according to a news release. Restaurant and retail components also will be added to the property’s ground floor.
Contact:
Ogden CAP Properties
Website: www.ogdencapproperties.com
Phone: 212-289-5000 (Normandie Court), 212-579-4326 (Dorchester Towers or One Lincoln Plaza), 212-684-5900 (Windsor Court or Biltmore Plaza.)
Rockpoint Group
Website: www.rockpointgroup.com
E-mail: info@rockpointgroup.com (general information) and investments@rockpointgroup.com (Investments).
Phone: 617-437-8400 (Boston)
972-934-0100 (Dallas)
415-438-7920 (San Francisco)
904-475-0354 (Jacksonville)
49(0)69-750-8899-00 (Frankfurt)
44(0)20-7016-4420 (London)
81(0)3-5414-8911 (Tokyo)