Deutsche Venture Lands $325M NYC Hotel Ground Lease

Law360, New York (March 8, 2013, 8:12 PM EST) -- Deutsche Asset & Wealth Management announced Friday that it and Brooklyn-based investor David Werner have scooped up the ground lease for New York City's Times Square-area Milford Plaza Hotel from private equity firm Rockpoint Group and hotel operator Highgate Hotels, in a reportedly $325 million deal.

The investors have inked a deal grabbing the block-long, 99-year lease from Rockpoint and Highgate, according to a statement. Rockpoint and Highgate, who have been marketing the land, hotel and retail sections of the development as three separate entities up...
To view the full article, register now.