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New owners plan boutique hotel for NY landmark
Three investor groups have teamed to acquire the building that once housed the fabled Knickerbocker Hotel in Manhattan and plan to turn the property into an upscale boutique hotel. The buyers -- Highgate Holdings, in partnership with Ashkenazy Acquisitions Corp. and Crown Acquisitions -- also bought and an adjacent 10,000-square-foot lot and plan to build a luxury retail complex there
Crain's New York Business put the price tag for the deal at $173 million, which is less than half the $376 million price Istithmar World paid for the properties in 2006. Istithmar—which is part of the Dubai government investment arm—has planned to return the Knickerbocker building to its use as a hotel, but lost control of the property in March to lender Danske Bank after defaulting on its $300 million mortgage.
The Knickerbocker, originally developed by John Jacob Astor at the turn of the last century, is a 300,000-square-foot beaux-arts building on the southeast corner of 42nd Street and Broadway in the Times Square district. In recent years, it has housed apartments and textile showrooms.
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