The Real Deal New York

CIM paid $158M for Martha Washington Hotel

LA-based investor plans to renovate and rebrand the property

November 24, 2015 11:39AM
By Ariel Stulberg

Richard Ressler Martha Washington Hotel

From left: CIM’s Richard Ressler and the Martha Washington Hotel at 29 East 29th Street in NoMad

CIM Group’s purchase of the Martha Washington Hotel in NoMad hit public records, revealing that the company paid $158 million for the property, plus another $14 million for another parcel next door.

Los Angeles-based CIM closed on the landmarked 256-key, 130,000-square-foot hotel at 29 East 29th Street, earlier this month. The developer plans to renovate the property and rebrand it as the Redbury Hotel New York. The company also bought a second, adjacent property as well, the four-story, 6,000-square-foot 33 East 29th Street. That building has 36,000 square feet of usable air rights, according to public records.

The seller of both properties was Ed Scheetz’s Chelsea Hotels, which bought the Martha Washington in 2012 from the Rockpoint Group for $116 million.

CIM recently sued temporary housing provider BridgeStreet for $5 million, alleging the company had operated an illegal extended-stay hotel at CIM’s rental building at 47 East 34th Street in Murray Hill.