HYATT PLANS NEW HOTEL FOR 5TH AVE.
Source: New York Post Online Edition - By Lois Weiss
September 22, 2006 -- The Bryant Park fashion scene was somewhat revived yesterday when 485 Fifth Ave. was contracted to Global Hyatt Corporation for $136 million.
The good news for those who were hoping to buy condos but - as The Post's Braden Keil reported last week - were given back their deposits by the seller, is that Hyatt, too, plans to have residences.
Sources said those units will top off the stack that will include time share units in the middle and hotel below. The Post has also learned that Hyatt will likely keep fashion designer Peter Som's striking lobby design, which is yet to be built.
Mark Gordon at Sonnenblick Goldman arranged the transaction but Hyatt approached the developers, a combination of Belfonti Capital Partners and The Carlyle Group, with an offer they couldn't refuse.
The sellers had bought the former office building from Tommy Hilfiger for $86 million, and had already invested approximately another $15 million before they pulled the plug this month for Hyatt.
Only demolition was completed with about half the 105 units sold.
Source: www.nypost.com - September 22, 2006