Morris Moinian’s Fortuna Realty Group has signed a contract to purchase Long Island’s iconic Garden City Hotel, Long Island Business News reported. The hotel’s owners, the Nelkin family, said they expect the sale to close within 90 days, according to a statement released by Patrick Smalley, the hotel’s managing director. The selling price has not been disclosed and Fortuna President Morris Moinian is brokering the deal in-house.
In 2008 Alrose Group attempted to acquire the hotel for approximately $91 million, but after missing three closing deadlines the deal fell apart.
The Garden City Hotel has been in the Nelkin family for close to 30 years. “We have always thought it would be nice to leave at the top of our game and we are confident we are doing just that,” Smalley said. The hotel currently employs nearly 300 people, none of which are likely to lose their positions due to the sale, Newsday reported.
The 272-room hotel, situated on an 8.6-acre property, was originally built in 1874 by Alexander Stewart and was rebuilt twice by famed New York architect Stanford White. The hotel has become emblematic of Long Island’s Gilded Age as it hosted Charles Lindbergh on the night before his historic trans-Atlantic flight in 1927. [LIBN, Newsday]