Located in Midtown, the Tudor Hotel at the UN is part of the Tudor City historic area and is in close proximity to Grand Central Station, the Midtown business district, Midtown East and Upper East Side residential neighborhoods. The hotel is located directly across the street from the Pfizer World Headquarters and is nearby the world headquarters of Metropolitan Life Insurance and Colgate Palmolive.
Cushman & Wakefield Sonnenblick Goldman was hired by the seller of each property to serve as the exclusive advisor for each transaction. Although Mark Gordon, EVP, principal and head of Cushman & Wakefield's US Hotel Group, tells GlobeSt.com that the price and sellers could not be disclosed at this time but did say that the properties were owned by two different investment groups. "The Soho property sellers were based out of New York City and the Tudor Hotel seller was based in Washington, DC."
He notes that the city continues to be the destination for global hotel investment "as evidenced by the interest we received for both transactions." He continues that the Procaccianti Group had not previously invested here.
The Procaccianti would not respond to GlobeSt.com inquiries prior to deadline. "We have been interested in the New York City market for some time and despite the significant asset appreciation that has occurred over the last few years, we believe it to be one of the best long term investment markets in the country and the world" states Robert Leven, CIO for the Procaccianti Group, in a release. "The Tudor Hotel at the United Nations is a quality asset with an irreplaceable location, and the Holiday Inn SoHo is located in the heart of Downtown Manhattan in a neighborhood that has experienced a tremendous resurgence in both residential and commercial office real estate."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
