Hoteliers buy historic Hotel Chelsea for $250M, will redevelop as condos and hotel

Posted On Tue, November 1, 2016 By

Posted On Tue, November 1, 2016 By In Chelsea, Hotels

Image © Flippage

After five years of ownership changes and tenant battles, a group of well-known hoteliers is betting on the future of the historic Hotel Chelsea. The Real Deal reports that a joint venture made up of BD Hotels’ Richard Born and Ira Drukier and Sean MacPherson (who owns, among others, the Bowery Hotel and Waverly Inn) has closed on the hotel for $250 million, and they plan to convert it to condos and a likely trendy hotel.

The Hotel Chelsea–famous for housing the likes of everyone from Mark Twain and Jack Kerouac to Bob Dylan and Madonna, and infamous for being the site where Sid Vicious reportedly stabbed to death his girlfriend and where Dylan Thomas went into a coma just before dying–has been in turmoil since 2011, when the landmarked property was sold to developer Joseph Chetrit for $80 million. At this time, the hotel stopped taking reservations to accommodate a renovation, but long-time, rent-stabilized tenants complained of health hazards from the construction, and it sold again in 2013 to Ed Scheetz and Bill Ackman.

BD Hotels took over this past summer, but it hasn’t stopped the contentious relationship between the tenants and owners. Even just last month, the DOB issued a partial work-stop order on behalf of the residents since the owners hadn’t specified which units would be occupied during construction. BD said this was just an “insignificant speed bump” in their renovation process.

An earlier report from The Real Deal said the company will create 120+ hotel rooms, but the number of apartments was unclear, though Richard Born did say they’ll be working closely with the remaining 51 tenants. MacPherson and BD have previously collaborated on the Bowery, Ludlow, and Maritime hotels, as well as the Marlton Hotel near Washington Square, which Born referred to as a “mini Chelsea” for its quirky nature and past roster of residents.

[Via TRD]

Tags : ,

Neighborhoods : Chelsea

MOST RECENT ARTICLES

  • In black neighborhoods, 74 percent of Airbnb hosts are white

    In black neighborhoods, 74 percent of Airbnb hosts are white

    Watchdog group Inside Airbnb released a new report, which shows that across 72 predominantly African-American neighborhoods in New York City, 74 ...
  • Steven Holl’s ‘T Space’ is an art gallery tucked away in an Upstate forest

    Steven Holl’s ‘T Space’ is an art gallery tucked away in an Upstate forest

    Though it looks like this cedar cabin is floating above the terrain, the structure actually sits atop nine steel stilts. ...
  • Lavish $65M penthouse unveiled at Robert A.M. Stern’s 70 Vestry

    Lavish $65M penthouse unveiled at Robert A.M. Stern’s 70 Vestry

    After selling the $50 million penthouse at the beginning of the year and celebrating the building’s topping out last month, ...
  • Women’s History Month began in New York in 1909 to honor the city’s garment workers’ strike

    Women’s History Month began in New York in 1909 to honor the city’s garment workers’ strike

    Now celebrated worldwide during the month of March, the observance originated in New York City in 1909 as “Women’s Day,” on ...
  • Jacques Torres opening a chocolate museum; Danny Meyer’s FiDi restaurant will have city’s highest ballroom

    Jacques Torres opening a chocolate museum; Danny Meyer’s FiDi restaurant will have city’s highest ballroom

    Jacques Torres will soon open “Choco-Story New York, The Chocolate Museum and Experience with Jacques Torres” at his Hudson Square ...
  • How to confront your landlord when your apartment is without heat

    How to confront your landlord when your apartment is without heat

    A stiff wind squeezes a draft through the bedroom window. The radiator is ice-cold. The building super says there’s nothing ...
  • How Aaron Burr gave the city a faulty system of wooden water mains

    How Aaron Burr gave the city a faulty system of wooden water mains

    In 2006, construction crews discovered a 13-foot section of the wooden water mains under Beekman Street near the South Street ...
  • Report says having a roommate can save a New York millennial $728/month

    Report says having a roommate can save a New York millennial $728/month

    We tend to think of New York as a hub for millennials living paycheck to paycheck, hindered by a higher-than-average ...
  • Media mogul Adriana Cisneros looks to unload her $7.85M Chelsea townhouse

    Media mogul Adriana Cisneros looks to unload her $7.85M Chelsea townhouse

    This Chelsea townhouse at 332 West 20th Street is being sold off by a power couple: Adriana Cisneros, the CEO ...
  • 139th Street revisited: Bob Dylan’s former townhouse on Striver’s Row for sale for $3.7M

    139th Street revisited: Bob Dylan’s former townhouse on Striver’s Row for sale for $3.7M

    Not only has this landmarked four-story home standing among the rarely available townhouses in Harlem’s Saint Nicholas Historic District–better known as ...
  • Spacious $860K loft is in a Bed-Stuy building known for its quirky apartments

    Spacious $860K loft is in a Bed-Stuy building known for its quirky apartments

    This loft apartment comes from the well-known Brooklyn condo the Chocolate Factory Lofts at 689 Myrtle Avenue. (The building was once, ...
  • Sales launch at Lenny Kravtiz-designed Nolita condo; capturing the historic smells of the Morgan Library

    Sales launch at Lenny Kravtiz-designed Nolita condo; capturing the historic smells of the Morgan Library

    Did you know Pleistocene-era mollusks have been discovered in Manhattan? This interactive map plots every dinosaur fossil found on Earth. ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.