Beekman Tower Hotel hits the block for $80M

TRD NEW YORK /
Sep.September 20, 2012 12:30 PM

The 26-story Beekman Tower Hotel is now on the block for roughly $80 million, the New York Post reported. Located at East 49th Street at Mitchell Place, the property is being marketed by Eastdil Secured, who declined to offer the Post a comment.

The hotel was purchased in a package deal with the Eastgate Tower Hotel in 2006 for $135 million, as The Real Deal previously reported. An investment entity named Peninsula Real Estate Fund I, led by Anglo Irish Bank, purchased the package, but control over the two properties fell into complex dispute due to infighting over renovation plans. Since that time, Anglo Irish took control through an affiliate called Mainland Ventures, the Post said.

The property dates back to 1928, when it was used as inexpensive housing for nearly 400 sorority women. The property has a total of 174 rooms with living rooms and kitchenettes. The new owner has the option of altering the room count — increasing or decreasing — or converting the property into condominiums.

There’s a restaurant at the top floor, which the Post said boasts great views, as well as an empty eatery on street level. [Post]


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