In this week’s paper, The Observer profiled the humble head of real estate at Blackstone Group, Jonathan Gray. He may be a mystery to those outside of the industry, but the hundreds of buildings, worth many, many billions of dollars, are not. From the Waldorf-Astoria to the old New York Times Building, from strip malls to budget hotels, Mr. Gray has had a hand in all of them. Take a very, very small tour of his holdings.
The Waldorf-Astoria has lost some of its Jazz Age luster, growing rumpled and maybe even a little racist in old age. The hotel was purchased four years ago by Blackstone for $572 million, part of a $26 billion deal to buy up the Hilton chain. Now the monolithic investment outfit is prepared to spruce up the Walfdorf-Astoria, the Post reports.
According to the tab, Blackstone plans to spend “hundreds of millions of dollars” renovating the hotel, once home to mobsters Bugsy Siegel and Lucky Luciano and jazz singer Cole Porter, as well as the eponymous salad.
The Waldorf-Astoria Hotel has traded hands as part of one of the biggest property deals in New York City in 2007.
The Shareholders of Hilton Hotels Corporation turned over the hotel at 301 Park Avenue to BH Hotels LLC for $572,343,007, according to real property transfer tax records entered with the city on Nov. 21. Read More