This website uses cookies to improve your experience while you navigate through the website. In another sign of the toll the pandemic has taken on New York City’s hospitality sector, the $195 million mortgage on Vornado’s Times Square hotel is being sold at a major discount. Walter Kerr Theatre is minutes away. is situated in 7,000 square feet of retail space at the building’s street level. Steven Roth of Vornado and 1605 Broadway (Google Maps) Another sign of tolls hit by the New York hospitality pandemic is the $ 195 million mortgage on the Vornado Hotel in Times Square, which is being sold at a significant discount. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The property is currently 65 percent leased, according to CoStar. The massive upper-middle-range Crowne Plaza is primarily a business hotel, yet its proximity to Times Square brings a good amount of families and tourists into the mix. Learning Tree International is housed in 25,000 square feet, New York Sports Club holds 28,418 square feet at the base of the building, and the Hershey Company is situated in 7,000 square feet of retail space at the building’s street level. Crowne Plaza Times Square is a 795-room hotel sit­u­ated in the Times Square area of New York City 's mid­town Man­hat­tan, lo­cated at 1601 Broad­way, be­tween W48th and W49th Streets. We also use third-party cookies that help us analyze and understand how you use this website. View deals for Crowne Plaza Times Square Manhattan, including fully refundable rates with free cancellation. Please Allow Javascript and reload this page. The Crowne Plaza Times Square Manhattan is a luxurious upscale hotel located in the heart of midtown Manhattan. Roughly 3,700 square feet of street-level retail space as well as close to 78,000 square feet of office space from floors 10 through 12 are currently available for lease, as per Vornado’s website. Availability This 197,000-square-foot property is one of the world's most recognized retail block-fronts. Deutsche Bank declined to comment on the transaction, and Morgan Stanley could not immediately be reached. All 795 guest rooms boast views of either Times Square, the Hudson River or the Manhattan skyline. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. Built in 1989 and designed by The Alan Lapidus Group, the 46-story, mixed-use skyscraper includes the 795-key Crowne Plaza hotel, 7,700 square feet of retail space, 197,000 square feet of office space and a 159-space parking garage, according to information from Vornado’s website. The American Management Association’s Executive Conference Center—New York’s largest conference center—is on the sixth floor; in all, AMA holds 88,066 square feet across floors six through eight. The company’s “woeful” marketing efforts and the “alarming underperformance” of the hotel brand represents a breach of its licensing agreement with Vornado, which requires it to Promote Crowne Plaza as an upscale hotel and “enhance the public image and reputation [of the hotel],” the lawsuit claims. REIT claims lessee let hotel brand flounder. Just steps from major corporations and the Theater District, the hotel is the ideal location for business and pleasure. See 1,171 traveler reviews, 685 candid photos, and great deals for Crowne Plaza Chengdu City Center, ranked #40 of 3,043 hotels in Chengdu and rated 4 of 5 at Tripadvisor. The property is currently 65 percent leased, according to CoStar. , property records show. Our brasserie in NYC is acclaimed as one of the best restaurants in Times Square, thanks to an appealing aura and fresh menus that offer something for every palate. Crowne Plaza Times Square is a 795-room hotel situated in the Times Square area of New York City's midtown Manhattan, located at 1601 Broadway, [1] between W48th and W49th Streets. See 11,970 traveller reviews, 4,398 candid photos, and great deals for Crowne Plaza Times Square Manhattan, ranked #239 of 505 hotels in New York City and rated 4 of 5 at Tripadvisor. Guests praise the sightseeing. Big rooms with great beds and views at the Crowne Plaza Times Square. Crowne Plaza Times Square New York. Breakfast included rates provide breakfast for 2 guests only. The Crowne Plaza Times Square is pet-friendly for four-legged pets up to 25 pounds. By clicking Subscribe you agree to our Privacy Policy. A spokeswoman for Vornado did not immediately respond to a request for comment. 387 Reviews (212) 977-4000 Website. Lackluster marketing and an “abysmal” public perception have dragged down business at Vornado Realty Trust’s Times Square hotel, and its operator is to blame, according to a new lawsuit filed by the REIT. Andrew Penson , the former owner of Grand Central Terminal, is buying the senior mortgage on the 795-room Crowne Plaza Times Square for about $90 million, sources familiar with the sale told The Real Deal . This category only includes cookies that ensures basic functionalities and security features of the website. In January 2015, soon after the November 2014 refinance from German American, Vornado invested an additional $39 million to increase its ownership interest in the Crowne Plaza Times Square Hotel to 33 percent from 11 percent, buying the stake from. We list the best Crowne Plaza Hotels Vienna hotels/lodging so you can review the Vienna Crowne Plaza Hotels hotel list below to find the perfect place. About Crowne Plaza Times Square Hotel in New York Serviced Office Professional, full service space that caters to those looking to do private work in a shared environment with office facilities and services. The loan is secured by the partial fee and partial leasehold interest in the property and the basis works out at around $245,000 per key or $231 per square foot, sources said. “Rather than promoting and supporting its owner’s hotel, the Crowne Plaza brand is an albatross around the neck of the business — dragging with it the property owner’s half-billion dollar investment and its profitability,” Vornado’s lawyers wrote in the suit. A source familiar with the transaction confirmed the refinance, which closed on April 19, records show. The hotel brand consistently ranks “at or near the bottom of third-party rankings,” Vornado claims. Prices are calculated as of 28/12/2020 based on a check-in date of 10/01/2021. Crowne Plaza was the only Holiday brand to see a net loss in rooms globally in 2015, losing 2,050 rooms in the Americas alone, according to the lawsuit. Argent Ventures is acquiring the $195 million senior mortgage on Vornado Realty's Crowne Plaza Times Square at a discount, according to sources. We are having some technical difficulties. The loan consolidates and replaces previous debt from 2014—supplied by the German American Capital Corporation, a Deutsche Bank subsidiary—which at the time included a new roughly $84.7 million gap mortgage; the previous loan totaled $310 million and carried an interest rate at LIBOR plus 2.80 percent with a one-year extension option, and it was set to mature in December 2018, the firm said in a press release in February 2015. Read the latest edition of the Commercial Observer online! You also have the option to opt-out of these cookies. Crowne Plaza Times Square menerima kad-kad ini dan berhak untuk menahan jumlah wang yang ditetapkan dari kad kredit sebelum ketibaan anda. Crowne Plaza Times Square Manhattan 1605 Broadway New York NY 10019. Vornado then bought out an undisclosed joint-venture partner for $95 million to acquire a 57 percent, majority stake in the the building, Vornado announced in a February 2015 news release; the transaction valued the property at roughly $480 million. holds 28,418 square feet at the base of the building, and the. upped its ownership stake in the hotel from 11 to 33 percent, Free and clear: Vornado pays off debt at 220 CPS, “Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call, Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue, NYC’s biggest real estate finance deals of 2020, Argent Ventures buying Vornado’s Times Square hotel debt at deep discount, “Shark Tank” investor looks to flip Los Angeles mansion, Manhattan office availability continues to reach new highs. Crowne Plaza Times Square Manhattan in New York City your next event years or older to.! Consistently ranks “ at or near the bottom of third-party rankings, ” claims... 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