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]
Edelstein rumored to have purchased Hotel Chelsea at big discount
New York /
Apr.April 04, 2011
04:18 PM
The Hotel Chelsea and David Edelstein
Related Articles
arrow_forward_ios

André Balazs plans to convert hotels into private clubs

Chelsea Hotel owner notches court win over work at iconic property

Schrager closes Public hotel amid coronavirus outbreak

Chelsea Hotel renovation amounted to tenant harassment, city says

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

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