Gotta Love New York
The New York Park Lane Hotel (above) as featured on Bloomberg.
If you love the music by Frank Sinatra, you cannot help by enjoy the song when he sings New York, New York. While listening to him sing on the radio the other night, it made me think of the news of the recent sale, or should I say ‘stake’- apparently ± $140MM worth - in the 631 room N.Y. Park Lane Hotel as reported in Bloomberg. It's buyer, I have since learned is an Abu Dhabi sovereign wealth fund as decided by the U.S. Justice Department. As we understand it, the U.S. Justice Department wanted to recover billions of dollars that flowed through the 1MDB (Malaysia) investment fund. More news is likely to come down the pike should a $600MM loan be obtained.
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