Sale of The Standard, High Line hits a snag

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.

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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.

 

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