Hedge fund Elliott Management Corporation has partnered with GFI Capital Resources Group to buy The Parker New York hotel overlooking Central Park on the so-called Billionaires’ Row.
The venture paid $420 million for the storied hotel and have committed more than $100 million to revitalize the hotel and add a mix of up to 70 new luxury residential condominium units.
Designer Thomas Juul-Hansen will design interior finishes and the condos will have floor-to-ceiling windows, and offer hotel services and amenities.
Hyatt will operate The Parker New York immediately as a Hyatt-affiliated hotel, while GFI Capital prepares the property for its full renovation expected to begin in 2020. The hotel will remain open during construction, and will be relaunched as the newest flagship Thompson Hotel in 2021.
Lawrence Wolfe and James Kuhn of Newmark Knight Frank represented the sellers on the sale of the property, and their colleagues Jordan Roseschlaub and Dustin Stolly, advised the buyer on the financing.
GFI Realty Services advised the buyer on the purchase and the law firm of Kleinberg, Kaplan, Wolff & Cohen, P.C. represented the buyer in the acquisition and financing of the property.
Greenberg Traurig, LLP law firm represented the seller. Acquisition and renovation mortgage financing was provided by Bank OZK.
GFI Capital worked with Elliott on several projects including The Beekman, a Thompson Hotel, & Residences in Lower Manhattan.
The company launched the Ace Hotel New York and NoMad Hotel over ten years ago.
“We are thrilled to acquire one of New York’s most iconic hotels. The Parker New York will complement our portfolio of legacy properties, which have created immense value for their respective neighborhoods and communities,” said Allen Gross, Chairman & CEO of GFI Capital.
“It’s a rare opportunity to acquire a hotel of this scale in a world-class neighborhood. I had the privilege of meeting Jack and Norma Parker on many occasions and we are honored to continue the legacy they created, and look forward to designing, renovating, and repositioning The Parker New York to add its distinguished history. We’re going to create an unparalleled experience that breathes new life into this important and widely-visited corridor of New York City.”