Hong Kong-based Great Eagle Group has closed on the $229 million purchase of a 214-room hotel, formerly The Setai Fifth Avenue, which comprises floors one through 27 at 400 Fifth Avenue in Midtown.
“We are pleased to have completed this transaction and the timing couldn’t be better, especially with The Residences at 400 Fifth Avenue in the final phase of sales,” said Giuseppe Rossi, executive vice president with the seller, Milan-Based Bizzi & Partners Development, in a statement.
Reintroduced as Langham Place, Fifth Avenue, and designed by Gwathmey Siegel & Associates Architects, 400 Fifth Avenue also features a collection of condominium residences on floors 31 through 60, which according to the announcement is more than 80 percent sold and feature wrap-around views of the Empire State Building, One World Trade Center, the Chrysler Building, Hudson and East Rivers, and beyond.
The condominiums at 400 Fifth Avenue range from one-bedrooms to more than six-bedrooms. A 60th floor penthouse features six bedrooms, 6.5 bathrooms and 360-degree, floor-to-ceiling views of Manhattan.
Bizzi & Partners is currently developing its second New York City project, a 66-residence condominium located at 101 Leonard Street in northeast Tribeca. Great Eagle’s management arm, Langham Hotels International, owns hotels in Boston, Chicago and Los Angeles.
The firms entered into the agreement last last year.