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Murray Hill Properties Acquires Parsons Building
- Client News
- April 4, 2014
Paul, Weiss client Murray Hill Properties, in partnership with affiliates of Soho Properties Inc., Hampshire Hotels Management LLC and Flintlock Construction Services, acquired the Parsons New School for Design building at 560 Seventh Avenue in the Times Square area. The acquisition was financed by Colony Capital. The partnership plans to demolish the existing improvements and construct a $300 million mixed-use project that will include a new Dream Hotel and approximately 20,000 square feet of retail. The building currently houses the Garment Center Synagogue -- the congregation will be relocated temporarily and the new building will include a new synagogue for the congregation.
The Paul, Weiss team included real estate partner Peter Fisch and counsel Allen Wieder; tax partner Richard Bronstein; and intellectual property partner Chuck Googe.