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After years of speculation, the owners of the Mayflower Hotel site in New York City, who are rumored to be the Goulandris shipping family, are selling the coveted property for an astounding $401 million, more than twice the fair market value for Manhattan property on a square footage basis.
The valuable site near Lincoln Center, which occupies an entire city block between 61st and 62nd streets and borders Central Park, includes the 15-story hotel and the long-vacant adjacent lot. The site will be sold to a real estate investment group comprised of...