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By Adam Nichols
DNAinfo News Editor
MIDTOWN — Luxury Midtown hotel the New York Palace has been sold in a $400 million deal, according to Bloomberg News.
Investment firm Northwood Investors LLC bought the upscale building, on Madison Avenue at East 50th Street, from an entity associated with the royal family of Brunei, which currently owns it.
"We are investing in the Palace brand and property both to grow the business and to further enhance its stature as a world- renowned luxury hotel," John Kukral, president and chief executive officer of Northwood, said in a statement.
"This is only the second time the Palace has traded hands in its 30-year history, and we are excited about building on its impressive reputation.”
