Edelstein rumored to have purchased Hotel Chelsea at big discount

TRD New York /
Apr.April 04, 2011 04:18 PM
The Hotel Chelsea and David Edelstein

Is the Hotel Chelsea sale a done deal? The rumor mill has been churning out a slew of new reports today about the impending transfer of power at The Legendary West 23rd Street landmark, and tenant-written blog Living With Legends has heard that Tristar Capital head David Edelstein has emerged the winner. The Post had reported last month that Edelstein, a former cab driver and the developer behind the W Hotels in South Beach and London, was the current front-runner for the 250-room hotel, and that he was likely convert the property to a condominium. According to Living With Legends, the Chelsea’s current general manager, Arnold Tamasar, told several tenants that Edelstein had won the bidding against a pool of hoteliers including Andre Balazs and Ian Schrager, but would still be paying “significantly less” than the asking price. In a New York Magazine profile of the Hotel Chelsea this week, Jessica Pressler reported the asking price to now be between $70 million and $80 million and said a deal could be signed within days. But in a tweet this afternoon, she said a spokesperson told her the rumor that Edelstein had already purchased the hotel was “100 percent false.” [Living With Legends][NY Mag] and [Twitter]


Related Articles

arrow_forward_ios
(Credit from left: Vimeo, Broadway Tour via Flickr)

Ian Schrager says New York “really isn’t” center of the world anymore

(Credit: Photo illustration using Getty Images)

Hotelier André Balazs is back in NYC, threw himself a homecoming party

Number games: How sales at 160 Leroy weren’t what they seemed

Number games: How sales at 160 Leroy weren’t what they seemed

Ian Schrager wants $11M for Perry St. pad

Ian Schrager wants $11M for Perry St. pad

Manhattan’s resi market had another icy week: Olshan

Manhattan’s resi market had another icy week: Olshan

Hotelier André Balazs accused of groping multiple women

Hotelier André Balazs accused of groping multiple women

While he was bedridden with leg lifted precisely 24 inches above his heart, the hotelier made some decisions. (David Shankbone)

How a water-skiing accident made André Balazs rethink his hotel empire

Penthouse at Schrager’s 160 Leroy in contract after bidding war: report

Penthouse at Schrager’s 160 Leroy in contract after bidding war: report

arrow_forward_ios