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New York & Tri-State  + Midtown New York  + Hospitality  | 

Parker NY Hotel Trades to Elliott/GFI Partnership

A partnership of Elliott Management and GFI Capital has closed on the acquisition of the Parker New York hotel at 119 W. 56th St. in the Billionaires’ Row corridor. Pricing was not disclosed, but published reports say the partnership paid just over $400 million for the 729-key property.

The new owners have committed more than $100 million to revitalize the 42-story hotel, and will add a mix of new luxury residential condominium units. It will remain open during construction, and will be relaunched as the newest flagship Thompson Hotel in 2021.

“The Parker New York will complement our portfolio of legacy properties, which have created immense value for their respective neighborhoods and communities,” said GFI chairman Allen Gross.

NKF’s Lawrence Wolfe and James Kuhn represented the sellers, while their colleagues Jordan Roseschlaub and Dustin Stolly advised the buyers on financing, provided by Bank OZK. GFI Realty Services advised Elliott and GFI on the purchase.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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