Group Acquires Historic Knickerbocker Hotel at Times Square in NYC
Highgate Holdings – in partnership with Ashkenazy Acquisitions Corporation and Crown Acquisitions – has acquired the historic Knickerbocker Hotel and an adjacent 10,000-square-foot lot at 1466 Broadway in Manhattan.
Having successfully overcome heavy competition for the site from dozens of potential buyers, the new owners will undertake a comprehensive mixed-use redevelopment initiative. As part of the makeover, the partners will convert the building to an upscale boutique hotel, with high-end retail in its base. In addition, the ownership team will develop the adjoining lot into a new luxury retail complex.
The high-profile property’s rejuvenation will mark the latest milestone in the dramatic revival of the 42nd Street block between Broadway and Avenue of the Americas. The street's renaissance -- which has been rapidly unfolding over the past decade -- has most notably included the opening of the 48-story Condé Nast building in 2000 and this year's completion of the 55-story One Bryant Park tower, Bank of America’s New York City headquarters.
The property -- also known as 6 Times Square -- had been under the control of Danske Bank. Danske Bank was advised by Jones Lang LaSalle during the sales process.
The new ownership group is uniquely qualified to execute the mixed-use revitalization of the property. With a $6 billion global real estate portfolio concentrated primarily in hotels and lodging assets, Highgate has an excellent, international reputation in hospitality ownership and management. Complementing Highgate's strengths in the hospitality space, both Ashkenazy and Crown are widely regarded as sophisticated owners and developers of prime retail assets.
