Highgate, led by Mahmood Khimji, is buying the Gansevoort Park Avenue NYC in NoMaD a deal worth nearly $200 million. The deal equates to around $800,000 per key for the upscale hotel located at 420 Park Avenue South, which rises 19-stories, features 249 units and covers 214,000 SF. Highgate reached the deal with Gansevoort Hotel Group, Centurion Realty, who held 45.05% each, and Douglaston Development, who held a 9.9% stake. The Gansevoort Park Avenue NYC opened in 2010, building on the Gansevoort Meatpacking NYC, which first opened its doors in 2004. The group also has Gansevoort branded hotels in the Dominican Republic as well as Turks and Caicos. Highgate was founded by Mahmood Khimji in 1988 and operates over 100 hotels and 30,000 hotel rooms worldwide.
