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Jeong Ho-seok Of Lotte Hotels & Resorts Acquires Hotel Ground Lease From Archdiocese Of New York For $490M

Property Image
SOLD
$490,000,000

New York

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Hotel
Sold 11/12/2025
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Property Image
SOLD

Jeong Ho-seok Of Lotte Hotels & Resorts Acquires Hotel Ground Lease From Archdiocese Of New York For $490M

455 Madison Avenue

See Similar Deals
Hotel
Sold 11/12/2025
the dealdetailscomps

Summary

NEW YORK
Asset Type:Hotel
Transaction Type:Sale

The property involved in this transaction is a ground lease associated with the Lotte New York Palace Hotel, located at 455 Madison Avenue in the Midtown East market. The agreed-upon transaction amount for the ground lease is $490,000,000, as it transfers from the seller to the buyer.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $490,000,000
  • Buyer: Jeong Ho-seok
  • Buyer's Company: Lotte Hotels & Resorts
  • Seller: Archdiocese of New York
  • Market: Midtown East
  • Price Surge: Scheduled ground-rent increase from $10M to approximately $33.4M in 2026

Jeong Ho-seok represents Lotte Hotels & Resorts in this acquisition, while the seller, the Archdiocese of New York, is finalizing the disposition of the ground lease under the property. This transaction marks a significant move by Lotte Hotels & Resorts to secure favorable lease terms ahead of the upcoming increase.

Players

AY
Archdiocese of New York
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Jeong Ho-seok & Pope Leo XIV DATE: 11/12/2025 ADDRESS: 455 Madison Avenue MARKET: Midtown East ASSET TYPE: Hotel BUYER: Jeong Ho-seok - Lotte Hotels & Resorts (@LotteHotelsandResorts) SELLER: Archdiocese of New York (@ArchNewYork) GROUND LEASE PRICE: $490,000,000 NOTE: Korea’s Lotte Hotels & Resorts agreed to buy the $490M ground lease under its Lotte New York Palace Hotel from the Archdiocese of New York ahead of a scheduled 2026 ground-rent jump from $10M to about $33.4M.

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