New York's Knickerboker Hotel building being divided into condos

The Real Deal reports that a joint venture that includes Crown Acquisitions and Ashkenazy Acquisition Corp. has segmented the 282,000-square-foot Knickerbocker Hotel near Times Square into three commercial condominiums. Ownership split the 15-story Beaux-Arts structure into one hotel condo and two retail condos. Chicago-based investor Walton Street Capital partnered with Texas-based hotel owner Highgate Holdings, and Midtown-based Crown and Ashkenazy to purchase the building for $180.5 million in July 2010. Real Deal reports that there were no plans to sell the condos.
 

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


Suggested Articles

Oxford Capital Group’s wholly owned affiliate, Oxford Hotels & Resorts, has taken over management of the properties.

The partnership with Black Salmon leverages both company's strengths across acquisitions, asset management and capital raising.

The online event consolidated five in-person events into the two-day Hotec Global virtual conference.