Case Study
The Central at 5th by Hilton
Construction, financing, and development for a ground up premier urban vacation ownership property in midtown Manhattan adjacent to Times Square.
Details
Location: 12-14 East 48th Street, and 13 East 47th Street, New York, NY 10017
Status: Provided initial acquisition and construction financing. Subsequently developed and completed the project which was executed by principals of the firm in connection with a complex UCC transfer of collateral process in NY State during the COVID pandemic. Project completed, sold, and investments and profits distributed.
Closing Date: Q4, 2016
Realization Date: Q3, 2022
Project Info
- The property is located on 47th and 48th Streets between Madison Avenue and 5th Avenue
- The project entails the development of a 34-story, 161 room, ~123K SF hospitality property with community spaces including indoor and outdoor guest lounge, business center, and retail market
- The property is located in close proximity to major tourist attractions including Rockefeller Plaza, Grand Central Terminal, Times Square, and Central Park
