The Real Deal New York

Empire Hotel Group pays $69M for Milburn Hotel on UWS

The 15-story hotel was recently converted from apartments

April 05, 2016 03:50PM
By Dusica Sue Malesevic

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From left: Milburn Hotel on Upper West Side and Sam Domb

Ronald Domb’s Empire Hotel Group purchased the 137-key Milburn Hotel at 242 West 76th Street on the Upper West Side, paying $69.4 million to Melvin Newman, according to property records filed with the city Tuesday.

Empire also received a $32 million mortgage from the Israel Discount Bank of New York for the property, records show.

The 15-story hotel was recently converted from apartments, according to a permit application filed with the Department of Buildings in 2014.

Empire shelved plans to build a 44,000-square-foot, 122-key hotel at 993 Sixth Avenue in the Garment District, and instead sold the development site for $54.3 million to investors Isaac Chetrit and Ray Yadidi in October. Chetrit and Yadidi purchased the site as part of an assemblage and a large hotel development is planned.

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