Beekman Tower Hotel hits the block for $80M

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]

Related Articles

Airbnb CEO Brian Chesky (Photo by Bryan Bedder/Getty Images for Airbnb)

Airbnb suspends marketing, cuts executive pay in half

(Credit: Pixabay)

REIT declines outpace stock market amid shutdowns nationwide

The Williamsburg Hotel at 96 Wythe Avenue and from top: Benefit Street Partners' managing director Micah Goodman, receiver Constantino Sagonas and Heritage Equity Partners’ Toby Moskovits (Credit: Google Maps)

Williamsburg Hotel dispute escalates as pandemic raises stakes

Morris Moinian and 1150 6th Avenue (Credit: Noam Galai/Getty Images, Google Maps)

Morris Moinian to sell site of stalled hotel project

A chaotic week for stock markets has impacted REITs in some sectors far more than others. (Credit: background by JOHANNES EISELE/AFP via Getty Images; iStock)

Real estate stocks split into winners and losers after hectic week

2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

From left: The Row Hotel at 700 8th Avenue, the Williamsburg Hotel at 96 Wythe Avenue, the Selina Hotel at 516-518 West 27th Street and 20 Times Square (Credit: Google Maps, Sumaida + Khurana, PBDW)

More NYC hotel loans are defaulting as room rates fall

The Blakely Hotel at 136 West 55th Street and Richard Born (Credit: Google Maps, iStock, Richard Born by Studio Scrivo)

Hotel owner says competition, not union deal, led to closure