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New York

Abu Dhabi closes on $337M purchase of New York Edition

Hotel at 5 Madison Avenue expected to open doors this spring

5 Madison Avenue, Ian Schrager (credit: STUDIO SCRIVO), Edition hotel in Miami Beach and ADIA’s Sheikh Khalifa
From left: 5 Madison Avenue, Ian Schrager (credit: STUDIO SCRIVO), Edition hotel in Miami Beach and ADIA’s Sheikh Khalifa

The Abu Dhabi Investment Authority closed on the purchase of the New York Edition Hotel at 5 Madison Avenue, according to property records filed Tuesday.

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The 273-room hotel is the third Edition hotel buy for the sovereign wealth fund. It already owns the London Edition and recently paid $230 million for the Miami Beach Edition Hotel.

Marriott International, which created the Edition hotel in partnership with Ian Schrager, acquired the landmarked clock tower for $165 million in 2011. –Kyna Doles

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Foreign InvestmentIan SchragerMarriott