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TO BUSINESS, AND REAL ESTATE EDITORS:
Soho Properties And MHP Real Estate Services Join With Hampshire
Hotels Management To Close On Acquisition Of 560 Seventh Avenue
NEW YORK, April 8, 2014 /PRNewswire/ -- Developer Soho Properties and
MHP Real Estate Services, with international hotelier Hampshire Hotels
Management LLC, announced the acquisition of 560 Seventh Avenue as a
part of a development project valued in excess of $300 million, to
make way for the creation of a new hotel and retail property to anchor
the transformed Times Square market.
The property, which once housed the Parsons School of Design along
with the active Garment Center Congregation, is located on the
northwest corner of 40th Street, at the gateway to Times Square.
Together, Soho Properties, MHP and Hampshire Hotels will build a
world-class luxury Dream Hotel and 20,000 square-foot luxury shopping
experience at 560 Seventh Avenue. Hampshire is the creator of an
international portfolio of high-end boutique hotels, including the
Dream Hotel brand.
"We are thrilled to complete this acquisition with the addition of our
partner Hampshire Hotels, and begin the process of creating a
brilliant, cutting-edge hotel that will bring a new level of
excitement and luxury to the southern edge of the Times Square
neighborhood," said Sharif El-Gamal, the Chairman and CEO of Soho
Properties. "We are especially pleased to accomplish our business
goals while preserving an important historic religious institution."
Added David Sturner, Principal/COO of MHP, "As long-timer buyers of
prime real estate in New York, we are excited to complete this
transaction with our partners, Soho Properties and Hampshire Hotels.
We look forward to transforming this property into a luxury hotel with
20,000 square-feet of destination retail at this dynamic Times Square
corner location. The property will be completely re-imagined and will
be a terrific addition to perhaps the most visited area in New York.
We also want to thank the Garment Center Congregation, who played an
important part in moving this project forward."
The Dream Hotel is an inspiring boutique hotel collection that
features ultra-modern destinations that are playful in ambiance and
luxurious in service. Properties are located in major cities in the
U.S. and internationally and feature such whimsical design details as
labyrinthine lobbies, aquarium columns, serene mood lighting and
wistful decor combining traditional and modern elements
"The southern end of the Times Square District has clearly transformed
into a formidable business corridor and we see this important address
as a strategic addition to the Dream portfolio. In addition to our
trend-setting and vibrant room design and facilities, Dream will bring
a host of energetic and exciting food and beverage offerings from
world class operators to enliven the experience for guests and the
neighborhood alike," said Eric Danziger, President and CEO of
Hampshire Hotels Management. " The partnership with Soho Properties
and MHP, and their vast and unique experiences, combine for a truly
magnificent project and product. We couldn't be more pleased to
advance this new Dream with these wonderful partners."
Bob Knakal, chairman of Massey Knakal Realty Services, who brokered
the deal, said "This transaction is indicative of the growing allure
of a rapidly expanding Times Square District. It was also one of those
unusual transactions that was a great deal for both the seller and the
buyer."
Eran Nornberg, president of Atum Equity, who will be managing the
hotel's development in concert with Hampshire Hotels, said of the
project, "We are excited to develop another successful Dream product
on the heels of the flagship property Dream Downtown and look forward
to working alongside such stellar partners."
In addition to creating this new destination hotel and retail
property, the developers previously reached an agreement to secure the
future of the Garment Center Congregation that has called the site
home by financing the temporary relocation of the Congregation and
incorporating a beautiful new sanctuary into the development plans.
About Soho Properties:
Soho Properties, Inc. is a commercial real estate investment firm and
owner of office, multi-family and retail developments founded by
Sharif El-Gamal in 2003 in New York City. The Soho Properties team
arranges and participates in real estate investments in office,
residential and retail property markets in New York City, generating
opportunities for its clients through the acquisition of both single
assets as well as portfolios, and has executed over $1 billion in New
York City transactions since its inception.
About MHP Real Estate Services:
MHP Real Estate Services is a full service firm that owns, leases and
manages more than six million square feet of commercial office space
in New York and has bought and sold more than 150 properties valued in
excess of $11 billion since inception in 1971. The 75 member firm
includes acquisition/disposition, brokerage, project management and
asset management divisions. MHP has, among others, owned such iconic
buildings as One Park Avenue, 530 Fifth Avenue, 450 Lexington Avenue,
The Brill Building at 1619 Broadway, 1180 Avenue of the Americas and
One Pepsi Way in Somers, NY.
About Hampshire Hotels Management
A leader in managed properties worldwide, Hampshire Hotels Management,
LLC owns and manages hotels in New York and Miami as well as the
United Kingdom, Thailand and India. Founded in 1986 by Sant Singh
Chatwal, the New York-based company owns over 3,000 hotel rooms and
oversees the development and expansion of both its luxury and
lifestyle brands, including Dream Hotels, Night Hotels and The
Chatwal. Hampshire Hotels Management is committed to offering
travelers an authentic connection to their chosen destination through
modern and innovative hospitality design, premier service and locally
relevant food and beverage operations. The company's strong brand
relationships with leading hotel franchises such as Wyndham Hotel
Group, Hilton Worldwide, Starwood Hotels and Resorts, Leading Hotels
and Resorts, Preferred Hotels and Resorts, Fairmont Hotels and
Resorts, and Best Western strengthens its ability to achieve its
growth potential and expand its portfolio in the four- and five-star
franchised hotel market. Hampshire Hotels Management, LLC's corporate
offices are located at 200 West 55th Street, New York, NY. the local
presence required to identify and execute complex transactions.
About Atum Equity
Atum Equity is an international real estate investment and management
company with extensive holding and development experience in
commercial and residential properties in New York City.
Contact: Eric Gerard - Email Roxanne Donovan - Email 212-741-2977
Read more news from Soho Properties, Inc.
SOURCE Soho Properties
-0- 04/08/2014
CO: Soho Properties
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