Expanding its portfolio with the addition of a luxury hotel, the joint venture of Deka Immobilien Investment GmbH and Ashkenzay Acquisition Corporation has closed on the acquisition of the Marriott New York East Side, at 525 Lexington Ave., for $270 million. This was their second joint venture in Manhattan, after purchasing the retail condominium at 522 Fifth Ave. last fall (NYLJ, Nov. 5, 2014).
The 665-room, 406,261-square-foot midtown hotel at Lexington Avenue and 49th Street was sold by Morgan Stanley, which reportedly purchased the property for about $287 million in 2005.
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