Manhattan's W Hotel Sold At Auction For $2 Million

by Ilya Marritz, WNYC Radio

When the 200-room W Hotel in New York's Union Square sold at auction for just $2 million, New Yorkers were stunned. In fact, the buyer took on a big chunk of debt from a Dubai company to seal the deal. The eyebrow-raising transaction says a lot about the real estate markets in New York and Dubai.

Broadcast Dates

• Morning Edition, December 15, 2009