Mandarin Oriental owners selling the hotel
The Mandarin Oriental hotel in Columbus Circle, one of the metropolis’ leading luxury accommodation establishments, is quietly in the market, Realty Check found.
The hotel’s supply of 248 rooms and suites overlooking Central Park comes from the fact that the state of the city’s hotel industry has been called a “depression” by the American Hotel and Lodging Association.
Although the Mandarin Oriental reopened on April 1, it was lagged as various main accommodations by the shortage of spendthrift guests and overseas business travelers.
The property is owned by an entity called IW Columbus Center LLP, of which a subsidiary of the Investment Corporation of Dubai is almost entirely complicit. Mandarin Oriental Hotel Group (MOHG), which owns some but not all of the accommodations flying the Mandarin Oriental flag, owns a 25% stake and manages the Manhattan property under a long-term contract.
The provision of silence is handled by JLL. Jeffrey Davis, senior managing director of JLL’s Hotels and Hospitality Group, did not respond to the emails. A representative for the hotel confirmed its ownership structure, but did not address the sale.
The MOHG also offers hotel companies 65 condominium residences in the north tower of the Deutsche Bank Center, which was previously called the Time Warner Center. The hotel itself is a single-family condominium unit in the mixed-use double-tower skyscraper that was developed by related companies.
An invest-to-sell offering that simply isn’t concerned with the Mandarin Oriental has speculated that in today’s struggling market, a sale can fetch as little as $ 100 million. The glamorous property was valued at $ 340 million in 2007.
The hotel occupies floors 35-54 and is designed for its in-demand ballroom, five-star spa and consumption and ingestion areas as well as the MO lounge. Liam Neeson and Lucy Liu are part of the joint company.
Hotel Association of New York president Vijay Dandapani, noting that “foreign owners have their own problems” beyond the New York situation, would not speculate on a realizable value. But he placed the Mandarin Oriental in the context of the hotel’s overall situation, which he called “grim.”
“Every hotel has gone from a cash crunch to a liquidity crisis to a solvency crisis,” he said. The best information, said Dandapani, was that whoever the new owner, “The Mandarin Oriental [at Columbus Circle] is not going anywhere. He will remain the Mandarin Oriental ”because of the long-term contract – and since the company must be in Manhattan.
The YAI International Academy of Hope School is moving up and moving this fall to 825 Seventh Ave. The non-profit educational institution has secured a 30-year condominium lease from the tower owners Vornado Realty Trust and Edward J. Minskoff Equities.
YAI will nearly triple its size when it arrives at 101 W. 116th St. The college, which provides services to students with strokes and brain problems, wanted more space and more trendy amenities.
JLL vice chairman Matthew Astrachan, who replaced YAI with Simon Landmann and Zachary Azus from his agency, defined the deal is technically structured like a lease. The requested rental was in the $ 60 per square foot year-round basis, he said.
YAI Chief Government George Contos said of the growth and transfer: “For the first time, we will be able to provide iHOPE students with a full range of educational and therapeutic services under one roof. . “
Astrachan said the university could use a brand new dedicated entrance on West 53d Street that will allow buses to drop off students at the appropriate location, as required by city guidelines.
The owners had been replaced by Edward Riguardi of Vornado, Jeffrey Sussman of Minskoff and John D. Ryan III of Avison Young.
Like many tenants who aren’t troubled by the chatter of “forever working from home,” Lowenstein Sandler reaffirmed his attachment to Midtown. The national regulatory agency has extended its lease and expanded to 1251 Sixth Ave., where it will now have 125,000 square feet on floors 17-19.
The agency says it is “prioritizing and investing in redesigned office space” for the “evolving needs” of its staff and buyers.
The growth of 23,000 square feet on the nineteenth floor is long term, as is the rest of the lease. One offer said the growth rental would drop from $ 86 per square foot to $ 100 over 17.5 years. Lowenstein Sandler will benefit from 18 months of free rental and a tenant improvement allowance of $ 150.
The price is similar for the current zone and will also include 14 months of free rental, in line with our offer.
Michael Goldman of AttentivRE represented the tenant.
Bradford Allen, a Chicago-based brokerage and corporate agency, is expanding into Manhattan with a prominent New York negotiator at the helm.
Glenn Isaacson, previously at Cushman & Wakefield and CBRE before that, will likely be the president of Bradford Allen New York, who opened a store at 745 Fifth Ave. Isaacson’s 40-year career has included 20 million square feet of rental transactions. Among them: a last major renewal for the regulatory agency Seyfarth Shaw at 620 Eighth Ave., the transfer of Boston Consulting Group to Hudson Yards and the securing of the area for Avenues: the first New York campus of the World School.