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

  • New site will host park data from 13,931 cities to help urban planners improve recreation space locally

    New site will host park data from 13,931 cities to help urban planners improve recreation space locally

    Next year, urban planners across the country will have a handy new tool at their disposal to help better inform them on ...
  • Colonial Bronxville mansion built by General George Custer’s widow hits the market for $5M

    Colonial Bronxville mansion built by General George Custer’s widow hits the market for $5M

    After General George Custer perished in Little Big Horn in 1876 (Custer’s Last Stand), his widow Elizabeth Bacon Custer moved ...
  • Make your stay in NYC an authentic one: Sleep in a closet-sized space for $3,500

    Make your stay in NYC an authentic one: Sleep in a closet-sized space for $3,500

    This second-floor walk-up at 235 West 18th Street is about as much like an average NYC rental apartment as you could ...
  • Expansive Flatiron loft stuns after undergoing a 10-year renovation by Frampton Co.

    Expansive Flatiron loft stuns after undergoing a 10-year renovation by Frampton Co.

    Located in the Flatiron District of Manhattan, this massive loft measuring an incredible 4,500 square feet was designed specifically by ...
  • Dwell and Target releasing affordable modern furniture; Flushing gets a ‘trendy’ food hall

    Dwell and Target releasing affordable modern furniture; Flushing gets a ‘trendy’ food hall

    Mayor de Blasio signed 10 pieces of legislation related to gas safety to ensure another Second Avenue explosion doesn’t take place. ...
  • 12 alternative holiday events, exhibits, and outings in NYC

    12 alternative holiday events, exhibits, and outings in NYC

    From the swarms of tourists, long lines at stores, and increased prices on everything from theater tickets to cocktails, the holidays ...
  • $1.41M for an opportunity to combine two West Village units into one lovely apartment

    $1.41M for an opportunity to combine two West Village units into one lovely apartment

    Here’s an opportunity for a New Yorker not afraid to renovate. Two small one-bedroom apartments at 41 Perry Street, in ...
  • Former Citicorp Center is the city’s newest landmarked building

    Former Citicorp Center is the city’s newest landmarked building

    Images: Lemessurier and 6sqft The Midtown building formerly known as Citicorp Center has just been designated a city landmark. The ...
  • 10 modern menorah designs for Hanukkah 2016

    10 modern menorah designs for Hanukkah 2016

    Our ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. ...
  • NYC will have free Wi-Fi in all underground subway stations by year’s end

    NYC will have free Wi-Fi in all underground subway stations by year’s end

    NYC Subway riders will soon be less able to blame their subway commute for not being able to immediately answer ...
  • Condos at 432 Park selling at an average discount of 10 percent

    Condos at 432 Park selling at an average discount of 10 percent

    432 Park Avenue may be the tallest residential building in the western hemisphere and home to the most expensive apartment ...
  • Congress will only cover $7M of NYC’s $35M Trump security bill

    Congress will only cover $7M of NYC’s $35M Trump security bill

    Just two days after Mayor de Blasio formally requested $35 million in federal funding to cover security at Trump Tower ...

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.