NEW YORK CITY-The upscale Setai Fifth Avenue, which sits between 36th and 37th streets, has a new owner, and the company rebranded the property.
Pacific Fifth Avenue Corp.—an affiliate of Great Eagle Holdings—purchased the 214-room hotel for $229 million from 400 Fifth Realty LLC. Cushman & Wakefield's Tom McConnell, executive managing director and Jared Kelso, managing director, represented Great Eagle in the transaction, while Dentons partner Andrew Weiner served as counsel to Great Eagle. The funding came from a floating-rate loan that was provided by a Singapore-based bank. The building's residences were not part of the collateral.
The asset is now Langham Place, Fifth Avenue; the brand is part of Langham Hospitality Group. Home to a Michelin-starred restaurant, Ai Fiori, the 27-story hotel sits below 29-floors of condominiums, which are 80% sold. The deal was announced by Bizzi & Partners Development, which created the property.
“We are pleased to have completed this transaction and the timing couldn't be better, especially with The Residences at 400 Fifth Avenue in the final phase of sales,” says Giuseppe Rossi, EVP of Bizzi. The company is developing its second New York City project: the Leonard, a 66-residence condominium at 101 Leonard St., in northeast Tribeca.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
