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.

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