{"id":1004053171,"date":"2012-03-16T06:22:49","date_gmt":"2012-03-16T14:22:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=39852"},"modified":"2020-04-07T05:23:42","modified_gmt":"2020-04-07T13:23:42","slug":"dubai-owned-luxury-jumeirah-essex-house-up-for-grabs","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dubai-owned-luxury-jumeirah-essex-house-up-for-grabs\/","title":{"rendered":"Dubai-Owned Luxury Jumeirah Essex House Up For Grabs"},"content":{"rendered":"<p style=\"text-align: justify;\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify;\">Dubai Investment Group, the owner of New York\u2019s 81-year-old Jumeirah Essex House, is looking for potential buyers for the luxurious hotel\u2014located prominently on the south end of Central Park between Sixth and Seventh Avenues.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/Jumeriah-Essex-House-NYC.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-39894\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/03\/Jumeriah-Essex-House-NYC.jpg\" alt=\"\" width=\"227\" height=\"300\" \/><\/a> Easy to spot thanks to its unique neon rooftop sign, the art-deco building has been a Manhattan landmark for decades.<\/p>\n<p style=\"text-align: justify;\">Designed by architect Frank Grad as the Park Tower Hotel, the 44-story high-end facility first opened its doors in 1931. Over the years, the building has changed ownership several times. In 1946, it was purchased by Samuel H. Goling, chairman of Sterling National Bank and Trust Company; it then became a Marriott hotel in 1969 and a Nikko hotel in 1985.<\/p>\n<p style=\"text-align: justify;\">In September 2005, the building was acquired by Dubai Investment Group\u2014a subsidiary of Dubai Holding owned by Dubai\u2019s ruler, Sheik Mohammed bin Rashid Al Maktoum\u2014who initiated a $90 million renovation program under direct management of the Group\u2019s hotel division, Jumeirah.<\/p>\n<p style=\"text-align: justify;\">The decision to sell the property seems to be a direct result of the growing debt accumulated by Dubai Holding and particularly by Dubai Investment Group, who over the last year had several attempts to convince its lenders to agree to new terms on some $10 billion worth of debt.<\/p>\n<p style=\"text-align: justify;\">Also available for sale in New York City is a 15,137-square-foot buildable parcel at 115 E. 97<sup>th<\/sup> in Manhattan\u2019s Upper East Side under exclusive brokerage marketing of Denham Wolf. Kenbar Management, the site\u2019s owner, hopes to fetch $21.5 million for the lot. According to <em>Crain\u2019s New York Business, <\/em>the site<em> <\/em>is zoned for a school, medical facility, student housing or a senior center.<\/p>\n<p style=\"text-align: justify;\">For more local news from New York, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/new-york\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n<p style=\"text-align: justify;\"><em>Photo courtesy of Jumeirah official website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nDubai Investment Group, the owner of New York\u2019s 81-year-old Jumeirah Essex House, is looking for potential buyers for the luxurious hotel\u2014located prominently on the south end of Central Park between Sixth and Seventh Avenues. Easy to [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507118,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004053171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dubai-Owned Luxury Jumeirah Essex House Up For Grabs - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dubai-owned-luxury-jumeirah-essex-house-up-for-grabs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai-Owned Luxury Jumeirah Essex House Up For Grabs\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor Dubai Investment Group, the owner of New York\u2019s 81-year-old Jumeirah Essex House, is looking for potential buyers for the luxurious hotel\u2014located prominently on the south end of Central Park between Sixth and Seventh Avenues. 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