InterContinental Times Square Sells For $230M: The N.Y. Deal Sheet
In the second-biggest single hotel deal of a resurgent year for New York's hospitality market, Tishman Realty and MetLife Investment Management have sold the InterContinental New York Times Square for $230M.
The partnership sold the 607-key hotel at 300 W. 44th St. to a partnership of Highgate, Gencom and Argent Ventures, The Real Deal reported.
The buyers took out a $190M loan from Monroe Capital for the 36-story hotel, which came in just slightly under Kam Sang Co.’s $235M purchase of the Edition Clocktower Hotel in October.
Highgate is expected to take over management of the hotel. Tishman spent roughly $500M building the hotel, which opened in 2010.
New York City's hotel sales market has had a banner year in 2025, with owners selling large, luxury Manhattan properties, often at significant discounts. The sales are taking place as financial distress squeezes some owners, pushing prices down as the regulatory environment — which has restricted competition for hotels by obstructing new construction and clamping down on Airbnbs — piques investor interest.
TOP SALES
AmTrust RE has closed on its $211.2M purchase of 260 Madison Ave. from The Sapir Organization, it announced last week. It sourced $200.6M of bonds via the Tel Aviv Stock Exchange to purchase the office tower, PincusCo reported. StacomSilverstein's Darcy Stacom and William Herring represented Sapir in selling the 22-story, 570K SF Midtown building, which is 68% leased, according to a release. AmTrust plans to reskin the building and upgrade its lobby and elevators.
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Oxford University Press has sold its 165K SF office condo portion of the landmarked 355 Fifth Ave. for $40M, Crain’s New York Business reported. A group led by Benchmark Properties bought the property, which spans the eighth through 13th floors and has an alternative address of 198 Madison Ave. Oxford appears to have relocated to 546 Fifth Ave. already, leaving the building at 68% occupied.
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Morgan Stanley Real Estate Investing has acquired a condo unit spanning three floors at The Goldin at Essex Crossing for $56M, Commercial Observer reported. The joint venture known as Delancey Street Associates — a partnership of L+M Development Partners, Taconic Partners, BFC Partners, Prusik Group and Goldman Sachs Asset Management’s Urban Investment Group — that developed the 1.9M SF Essex Crossing mixed-use project was the seller. The condo unit sits below 100 affordable senior housing units at The Goldin. The part of the building’s commercial base that sold is occupied by a New York University Langone Health outpatient center.
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ZD Jasper acquired four Long Island City parcels for $24.1M from HVAC company Henick-Lane, Crain’s New York Business reported. The parcels at 45-40 Pearson St., 45-33 Davis St., 45-39 Davis St. and 45-40 Davis St. total 15K SF. ZD Jasper intends to build a 105-unit condo project on the site and scored a $15.7M loan from Ponce for the project. Marcus & Millichap’s Jakub Nowak and Matthew Rosenzweig, plus Isaacson Real Estate’s Jonathan Eshaghian and Simona Eliakamal, represented the seller. ZD Jasper represented itself.
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Bushburg Properties acquired a 21-story, 400K SF Financial District office tower from Manulife for $70M, The Real Deal reported. The sale price is less than half the $167M that Manulife paid for 100 William St. more than a decade ago. The now-half-empty building could become another conversion project for Bushburg, which is already working on a residential conversion at 80 Pine St.
TOP FINANCING DEALS
Extell Development borrowed $1.13B from Tyko Capital to build a supertall tower at 655 Madison Ave., Commercial Observer reported. Chanel paid roughly $450M for retail and office space at the base of the 74-story building, the site for which Extell acquired last year for $160M from Williams Equities. Tyko, led by Adi Chugh and backed by hedge fund Elliott Investment Management, previously provided Extell with an acquisition loan for the property. The new debt is the largest construction loan of 2025, CO reported. Extell filed plans with the city to develop a 74-story building with 154 condos, 163K SF of office and 70K SF of retail.
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Savanna netted a $510M refinancing from King Street Capital Management and Blue Owl Capital for 5 Bryant Park office tower, PERE Credit first reported. The debt retires the 34-story building’s $463M CMBS loan, which had been in default, and provides the firm with fresh capital to lease up the building. Eastdil Secured’s Rob Turner, Grant Frankel, Ethan Pond and Drew Ahlers brokered the deal, Commercial Observer reported.
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Landau Properties, Third Millennium Group and Midtown Equities notched $213M in loans for a planned ground-up residential project at 205 Montague St., The Real Deal reported. The building will contain 46 condo units, 90 rental units and 40K SF of retail space. Northwind Group provided $113M of the sum for the acquisition and predevelopment financing, while Atlas Capital Group provided $100M in equity. Estreich & Co.’s Raffi Landau represented Northwind, and Rosewood Realty Group’s Aaron Jungreis, Alex Fuchs and Ben Khakshoor represented Atlas.
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A subsidiary of Storage Post cinched a $47M refinancing from Nuveen Real Estate for an East Village self-storage facility at 444 E. 10th St., according to a release. Storage Post and Almanac Realty Investors acquired the property in 2022 and repositioned the 1928-built property. The building is 91.2% occupied today.
TOP LEASES
Vanbarton Group signed three deals spanning 64K SF at 31 Penn Plaza, CO reported. General contracting company HITT took 27K SF, Sequoia Benefits and Insurance Services took 25K SF, and point-of-sale credit provider ClarityPay took 12K SF. Newmark’s Brian Waterman, Erik Harris, Scott Klau and Cole Gendels represented the landlord. CBRE’s Dominic Orfitelli, Michael Poch and Carrie Wilkinson represented HITT. JLL’s Jamie Katcher and Sebastian Infante represented Sequoia. Cushman & Wakefield’s Michael Movshovich and Eric Hazen represented ClarityPay.
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Alchemy-ABR Investment Partners and Cain International signed two leases totaling 20K SF at 125 W. 57th St. Investment firms Jadian Capital and Kingdon Capital Management signed 10K SF, eight-year leases on the 20th and 23rd floors, respectively. Newmark’s Eric Zemachson and Aaron Winston represented Jadian, and CBRE’s Silvio Petriello and Tamika Kramer represented Kingdon.
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The Feil Organization inked leases totaling 25K SF at 570 Lexington Ave. Law firm Wolf Popper LLP signed for more than 13K SF on the 19th floor in a relocation, and Mandelbaum Barrett PC renewed and expanded to just over 11K SF. Savills’ Daniel Horowitz, Ira Schuman, Jeffrey Peck, Jacob Stern and Skyler Celotto represented Wolf Popper, and The Feil Organization represented itself in the deals at the 451K SF building.
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Whole Foods is opening a new store at 55-60 Myrtle Ave. in Ridgewood, the organic grocer’s first Queens location, Crain's reported. Whole Foods signed a 28K SF lease with Norse Realty Group to occupy a former Rite Aid. Ripco Real Estate’s Evan Schuckman represented the landlord.
