Park Central Trades for $180M+

NEW YORK CITY-A partnership comprised of affiliates of Dallas-based Highgate Holdings and investment funds sponsored and managed by Goldman Sachs & Co. acquired the 935-room Park Central Hotel. Financial details of the transaction were not released, but sources say the site probably traded in the range of $180 million to $200 million.

The site, which takes up the full western block front of Seventh Avenue between 55th and 56th streets across from Carnegie Hall, has roughly 8,500 sf of space allocated for the hotel as well as 8,000 sf of retail. The hotel was rumored to be on the market since last summer.

The Sonnenblick-Goldman Co. team of Mark J. Gordon, Svetlin Ganchev and Terry Hess arranged the sale on behalf of Lehman Brothers. “The hotel’s unencumbered nature, which allows ownership total flexibility in repositioning the asset, enabled us to generate tremendous interest from the international investment community,” says Gordon, managing director and principal of Sonnenblick.