The estate of real-estate baroness Leona Helmsley has signed a deal to sell one of its prime Manhattan hotels for about $170m, in a sign that investor appetite is keen for trophy assets.

The sale of the Helmsley Carlton House to a venture of private-equity firm Angelo, Gordon & Co and Extell Development also marks the beginning of the final act of the Helmsley saga in which the properties accumulated over four decades by the late Harry Helmsley are going to be sold.

Wall Street Journal