Hilton Resorts pays $58.4M to 54 Madison Partners for hotel condo in Grand Central

Hilton Resorts through the entity Hilton Resorts Corporation paid $58.4 million to 54 Madison Partners through the entity 1248 Associates LLC for a hotel condominium unit (CC) at 12 East 48th Street in Grand Central, Manhattan.
The deal closed on July 26, 2021 and was recorded on August 18, 2021.

The signatory for 54 Madison Partners was Tom Christopoul. The signatory for Hilton Resorts was Matthew Sparks.

This sale is for the hotel condominium unit 1002, which is one of three commercial condo units in the building. 54 Madison retains ownership of the other two units, according to the most recent Acris filings.

The contract was signed in December 2015. This unit has a total of 20,028 square feet, on floors 3-6, 8, 17-18 and 26. A Hilton time share is located at this property.

54 Madison acquired control of the property in June 2020 from Hidrock Realty. 

54 Madison has sold other hotel properties to hotel companies, for example it sold hotel condo assets at 33 West 37th Street to Marriott Vacations Worldwide and Marriott Ownership Resorts, Inc. in multiple transactions.

Within a 400-foot radius of 12 East 48th Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months.
Of those 15 items, six were sales above $5 million totaling $1.5 billion. The most recent of the six was Minamoto Kitchoan which bought the 18,000-square-foot, four-unit mixed-use building (K4) on 604 5th Avenue for $45 million from Riese Organization on April 16, 2021.
Of those 15 items, nine were loans above $5 million totaling $618.6 million. The most recent of the nine was Macklowe Properties which borrowed $5.9 million from Fortress Investment Group secured by the 14,708-square-foot, three-unit industrial (P8) on 17 East 47th Street and two other properties on June 29, 2021.

Direct link to Acris document. link