Issac Hera, who helms the real estate private equity firm, confirmed that Yellowstone had acquired the property. He declined to comment on the price.
“The Watson represents for us a unique and rare opportunity to acquire substantial scale on West 57 Street,” Hera said in an email. “We are big believers in the strength of the U.S. market as a whole and the New York market specifically.”
The Watson, which was previously operated as a Holiday Inn, was a textbook casualty of the pandemic. A previous owner defaulted on its loan, leading lender HSBC to find a buyer for the mortgage.