German real estate investment firm Deka Immobilien has sold 525 Lexington Avenue, a 655 room non-operating hotel in the Midtown East neighborhood of Manhattan, New York, to a joint venture between Hawkins Way Capital and Värde Partners.
The parties have agreed not to disclose the sales price.
The 525 Lexington property is a 35-story, 406,000 square foot building currently configured as a 655 key hotel with over 16,000 square feet of meeting space, including two double height ballrooms, a large outdoor terrace on the 16th floor, a penthouse fitness center, and a large restaurant/lounge space on the ground floor.
The landmark building had been constructed in 1924 by architect Arthur Loomis Harmon, whose office had also designed the Empire State Building.
Originally called the Shelton, 525 Lexington was the world’s tallest hotel at its completion in 1924 and is designated as a landmark building in New York City.
It was converted to a Marriott branded hotel in 1990. The hotel closed since the onset of the Covid-19 pandemic in March 2020.