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

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
André Balazs and 158 Mercer Street (Getty, Google Maps)
Developer picks up André Balazs’ Soho condo
Developer picks up André Balazs’ Soho condo
Ira Drukier with the Hotel Chelsea (Getty, Patrick McMullan/Getty)
Chelsea Hotel owners sue city for $100M over renovation delays
Chelsea Hotel owners sue city for $100M over renovation delays
The Standard hotel at the High Line (Getty)
Standard Hotel to erect sidewalk shed on High Line after debris falls
Standard Hotel to erect sidewalk shed on High Line after debris falls
Ian Schrager and the Public Hotel at 215 Chrystie Street (Getty, Google Maps, Public Hotel)
Penthouse at Ian Schrager’s Public Hotel sells at a loss
Penthouse at Ian Schrager’s Public Hotel sells at a loss
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Chelsea Hotel with Ira Drukier and Richard Born (Getty)
Chelsea Hotel reno can resume after housing department drops fight
Chelsea Hotel reno can resume after housing department drops fight
Andre Balazs  and 158 Mercer Street (Getty; Google Maps)
André Balazs lists lavish Soho condo for $12M
André Balazs lists lavish Soho condo for $12M
André Balazs and the Chateau Marmont (Getty, Wikimedia) 
André Balazs plans to convert hotels into private clubs
André Balazs plans to convert hotels into private clubs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...