Chetrit revealed as Hotel Chelsea buyer

New York /
May.May 16, 2011 09:11 AM

After months of rumors, the buyer paying upwards of $80 million to take over the legendary Hotel Chelsea has been revealed as New York real estate developer Joseph Chetrit. According to the Wall Street Journal, the Chelsea’s longtime tenants will be happy to know that Chetrit is not planning a condominium conversion, as some had speculated that a new owner would. Instead, he’ll renovate and modernize the landmark 222 West 23rd Street building, known for housing artists like Andy Warhol, Bob Dylan, Leonard Cohen and Jim Morrison over the course of its 127-year history. The sale has not yet closed, but Chetrit has emerged as the winner of a bidding pool that included many of the city’s biggest real estate developers and hoteliers, including Ian Schrager, Andre Balazs, Aby Rosen, former hotel manager Stanley Bard and Tristar Capital head David Edelstein. New Yorkers had been guessing at who the buyer was since it was reported last month that a contract had been signed, but few had landed on Chetrit’s name, despite his previous success in upgrading the storied Empire Hotel, which he acquired in 2004. [WSJ]


Related Articles

arrow_forward_ios
Harbor Group International's Jordan Slone with with 51 West 52nd Street
TRD Pro: Top office sales of the past year
TRD Pro: Top office sales of the past year
A photo illustration of Danny Meyer and the Maialino at the Gramercy Park Hotel (Getty, Google Maps, Maialino)
Judge to Solil: Hands off Danny Meyer’s Maialino
Judge to Solil: Hands off Danny Meyer’s Maialino
Joseph Chetrit and 260 East 72nd Street (Getty Images, Google Maps)
Chetrit plans Upper East Side condo development
Chetrit plans Upper East Side condo development
From left: Councilmember Christopher Marte, Gary Barnett, JDS Development’s Michael Stern, Joseph Chetrit and a rendering of Two Bridges (Getty)
Another lawsuit looks to stop Two Bridges developments
Another lawsuit looks to stop Two Bridges developments
From left: Jane Goldman and Danny Meyer (Photo Illustration by Steven Dilakian for The Real Deal with Getty and Solil Management)
Danny Meyer’s Gramercy Park Hotel restaurant sues Solil
Danny Meyer’s Gramercy Park Hotel restaurant sues Solil
Ira Drukier with the Hotel Chelsea (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Patrick McMullan/Getty)
Hotel Chelsea owners score win in legal fight against city
Hotel Chelsea owners score win in legal fight against city
From left: RFR Holdings' Aby Rosen and Blue Owl Capital's Doug Ostrover along with 3 World Trade Center (left), the Seagram building (middle) and 340 Madison Avenue (right) (Getty Images, Blue Owl Capital, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
Trio of office leases boost hopes at Class A buildings
Trio of office leases boost hopes at Class A buildings
427 Broadway and Robert Frey (HGetty, THCNYC)
Former Vegas club owner bringing cannabis museum to SoHo
Former Vegas club owner bringing cannabis museum to SoHo
arrow_forward_ios

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

Loading...