Partnership Acquires Knickerbocker Hotel in Times Square
The purchase kicks off a major mixed-use redevelopment effort for the historic Beaux Arts building, which will be converted to an upscale boutique hotel with high-end retail at the base. The adjoining lot will also be developed into a luxury retail complex.
June 18, 2010
By Allison Landa, News Editor
A triad consisting of Highgate Holdings, Ashkenazy Acquisitions Corp. and Crown Acquisitions has purchased the 300,000-square-foot Knickerbocker Hotel and an adjacent 10,000-square-foot lot in Manhattan’s Times Square.
The purchase kicks off a major mixed-use redevelopment effort for the historic Beaux Arts building, which will be converted to an upscale boutique hotel with high-end retail at the base. The adjoining lot will also be developed into a luxury retail complex.
The hotel went back to lender Danske Bank in March.
In 1906, the property opened as the Knickerbocker Hotel at the southeast corner of 42nd Street. It was built by John Jacob Astor and later known as the Newsweek Building. Singer Enrico Caruso was one of the celebrities to make his home there.
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