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Trump Bags Delmonico for $115 Mil

NEW YORK CITY-The Artist of the Deal trumps the aces of three short-listed bidders. Contracts for the Park Avenue landmark were signed Wednesday and the transaction will close early next year.

By Glen Thompson | Updated on November 30, 2001

NEW YORK CITY-Donald Trump has outflanked three eager bidders to walk away with the keys to one of the city’s most sought-after prizes, the Hotel Delmonico. The developer will pay $115 million for his latest trophy, proving that the market for icon properties is not only alive, but also kicking like a Rockette.

A source very close to the deal tells GlobeSt.com interest in the property was intense, with a dozen serious offers on the table until the list of contenders was narrowed to four. In addition to Trump, keen bidders included Aby Rosen and Michael Fuchs; Alan B. Friedberg; and Izak Senbahar and Simon Elias.

Located on the northwest corner of Park Avenue and 59th Street, the Delmonico was owned by local real estate legend Sarah Korein until her death three years ago. The hotel is controlled by Korein’s estate and has been run by her daughter, managing partner Elysabeth Kleinhans and general manager Joseph Kaminski since 1991. Kleinhans reportedly plans to turn the small building she owns next to the hotel into a not-for-profit theater when the Kaplan Deli’s lease there expires in April.

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