The ‘highest and best use’ of real estate
By Daniel H. Lesser , President & CEO of LW Hospitality Advisors LLC (LWHA)
The recent vote by the New York City Council approving construction of 15 Penn Plaza, a 1.3-million-square-foot office building on the site of the Hotel Pennsylvania in Manhattan, is most likely the final chapter of this storied hotel’s economic life. The approved development plan, similar to the seven new skyscrapers that are proposed in New York City during the next decade, is reflective of the forever evolving highest and best use of real estate.
Daniel H. Lesser
Daniel H. Lesser, President & CEO of LW Hospitality Advisors LLC (LWHA), brings more than 35 years of expertise in a wide range of hospitality operational, investment counseling, valuation, advisory, and transactional services. He provides services to corporate, institutional, and individual clients as well as public agencies on all facets of hospitality real estate including: litigation support and expert testimony, site evaluation, highest and best use analysis, appraisals for mortgage, acquisition, and portfolio management, workout strategies, operational analysis, development consulting, property tax assessment appeal evaluations, economic impact studies, fairness opinions, deal structuring, and negotiation of management and franchise agreements.More from Daniel H. Lesser