Bizzi & Partners Development Announces Sale of Hotel Property at 400 Fifth Avenue

NEW YORK, Oct. 7, 2012 /PRNewswire/ -- Bizzi & Partners Development LLC today announces that 400 Fifth Realty LLC has entered into an agreement with Great Eagle Group to acquire the 214-room hotel at its 400 Fifth Avenue property in midtown Manhattan, New York for $229 million. Effective January 2013, The Setai Fifth Avenue hotel will be reintroduced as Langham Place – a distinctive brand established by Langham Hospitality Group, a wholly owned subsidiary of Great Eagle Group.

Designed by Gwathmey Siegel & Associates Architects and expertly appointed by design firm DAS Concepts, 400 Fifth Avenue perfectly blends world-class hospitality with a collection of exquisite condominium residences located on floors 31-60. Upon completion of the acquisition, Langham Place will comprise the hotel portion of the iconic mixed-use property, which will continue to operate under the superior standards for which it is known. Residents will enjoy access to Langham Place's superlative services and offerings in addition to an array of enviable building amenities.

"400 Fifth Avenue represents the ultimate in contemporary luxury and a tradition of sophisticated service, and we are excited to align with a hotel owner-operator that epitomizes this sensibility," said Davide Bizzi, Chairman of Bizzi & Partners Development. "Langham Place is a perfect fit for 400 Fifth Avenue and is sure to enhance and expand our homeowner proposition."

The condominiums at 400 Fifth Avenue range from one-bedrooms to more than six-bedrooms and boast a mix of elegant upscale finishes and fixtures, finely-crafted Italian wood cabinetry, hand-laid black oak flooring, stone countertops, floor-to-ceiling windows, and state-of-the-art appliances. Perhaps most important, every residence yields its own unique and breathtaking view of Manhattan.

One of the greatest panoramas is seen from the 60^th floor penthouse, which features six bedrooms, 6.5 bathrooms and 360-degree floor-to-ceiling views of Manhattan – from Bryant Park and the East River to the Empire State Building, the Hudson and the skyline beyond. 

For more information about The Private Residences at 400 Fifth Avenue, visit www.400fifthavenue.com or contact the sales office at (212) 736-3500.

ABOUT BIZZI & PARTNERS DEVELOPMENT

Bizzi & Partners Development is a worldwide real estate development, management and equity investment company with offices in New York City (USA), Milan (Italy), Tallinn (Estonia) and San Paulo (Brazil). The company is known for its careful consideration for local historic and artistic values and environmental principles, and dedication to maintaining high aesthetic standards while adhering to the economic demands of the communities in which it operates. www.bizzipartners.it

SOURCE Bizzi & Partners Development LLC