André Balazs Properties, the creator and owner, with its partners Dune Capital Management and Greenfield Partners, of The Standard, High Line hotel in Manhattan, has agreed to sell the hotel. Here’s an in-depth look at the deal.
THE DEAL
The 330-room hotel at 848 Washington St. will be acquired by S2K Partners for $400 million, according to Real Capital Analytics. The transaction has not yet closed. Eastdil Secured served as the sellers’ broker.
THE ASSET
The 18-story arching tower in the High Line Park is located in the heart of downtown Manhattan’s Meatpacking District. André Balazs Properties acquired the 25,831-square-foot development site in 2004 for $24 million and began construction in 2008. It was the
