Starwood Capital Pays $72 Million for Mid-Town Hotel Conversion

1414 Avenue of the Americas, located just a block from Central Park, is soon to be a hotel. Barry Sternlicht’s Starwood Capital just purchased the 19-story, 110,000 square foot building for $72 million. This is a smoking deal, considering Murray Hill bought the building just a little more than 3 years ago for $120.5 million. To save you from having to do the math in your head, that’s a $48.5 million loss, and a drop of more than $400 per square foot. Ouch.

1414 was originally built as a hotel almost 100 years ago, and legend has it KISS partied down on the rooftop back in the day (probably about 100 years ago). Somewhere in time it was turned into office space, but now it is almost entirely vacant, so let the hotel renovation begin.

Source: NY Post

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