Kleinberg Kaplan Represents Joint Venture in Acquisition of The Parker New York Hotel
Firm News | January 25, 2019
Premier boutique law firm Kleinberg Kaplan has represented Elliott Management Corporation and GFI Capital Resources Group, in a joint venture to acquire The Parker New York hotel.
In one of the most significant hospitality transactions during the past few years in New York City, affiliates of Elliott Management Corporation (“Elliott”) and GFI Capital Resources Group (“GFI Capital”), one of the nation’s leading hotel developers, today announced the acquisition of The Parker New York which overlooks Central Park along the famed “Billionaires’ Row” corridor in Manhattan. The new owners have committed more than $100 million to revitalize the hotel and will add a mix of new luxury residential condominium units, led by renowned designer Thomas Juul-Hansen, who will mastermind the interior finishes. The condos will boast floor-to-ceiling windows, and offer an array of unique hotel services and amenities. GFI Capital has previously worked with Elliott in multiple instances including The Beekman, a Thompson Hotel, & Residences in Lower Manhattan. 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.
Kleinberg Kaplan’s deal team, which represented the joint venture in the purchase and financing of the property, included real estate group partners Ross Yustein, Chris Terry and Euchung Ung, and associates William Pena and Logan Wyman. Also working on the deal were tax partner Jim McCann and associate Deborah Taeid.
The 42-story Parker New York, located at 119 West 56th Street, currently boasts 729 rooms, 9,000 square feet of meeting and event space, four restaurants – including the ever-popular Norma’s, Burger Joint and Indian Accent – five retailers and a full-service fitness facility and spa.