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New York

$32M Madison Ave. hotel ready to reopen

A century-old Budget Hotel On Madison Avenue was purchased for $32 million and is slated to reopen soon.

The 81-room, 11-story Madison Hotel at 62 Madison Avenue at 27th Street was sold on August 28 to a buyer identified as Madison Hotel LLC, according to city records posted today. The hotel is fully booked for its reopening next week, a hotel manager said.

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Despite the tight credit market, the buyers obtained a strong financial arrangement, taking a mortgage for $30 million from Textron Financial. The firm is a commercial financier and a division of the conglomerate Textron, based in Providence, RI. The structure was owned by the late Lawrence Meinwald, who bought the property in 1982 for an unknown price.

The attorney for the buyer did not immediately respond to a request for comment and a spokeswoman for Textron Financial declined to comment.