A deal to sell The Standard, High Line, in downtown Manhattan for a reported $400 million has hit a roadblock—a serious one The Wall Street Journal reports.
The 338-room property is currently owned by a pair of real estate investment firms that put it on the market last year. It is operated by Standard International, a hotel management company owned by well-known hotelier Andre Balazs and his partners.
Balazs and his partners offered to but the hotel for about $1.2 million per key, but, reportedly, after the buyers signed a contract in February, an Asia-based investor in the group balked, and the buyers lost their down payment after failing to complete the acquisition, sources told The Journal.
However, the buying group is now seeking to revive its offer by bringing in a new partner.
Meanwhile, the hotel’s owners, Dune Real Estate Partners and Greenfield Partners, are moving to refinance the debt on the property, which was reportedly costs around $240 million to build.
Its location in the Meatpacking neighborhood, straddling downtown’s elevated pedestrian park known as the High Line, and its all-glass glass exterior, makes it popular for guests and tourists alike.