Beekman Tower Hotel trades for $85M

December 13, 2012 03:00PM

A Silverstein Properties, Fisher Brothers and Capstone Equities partnership has closed on the Beekman Tower Hotel for roughly $85 million, Crain’s reported. Silverstein Properties will manage the operation of the building. The property contains 170 rooms and will be converted into extended-stay corporate housing suites. 

In addition, the property will undergo a $20 million interior renovation.

An Eastdil Secured team led by Doug Harmon handled the marketing, and reportedly gave hundreds of tours to those interested in making the investment. As previously reported, the 26-story building hit the block roughly three months ago.

The Beekman Hotel Tower dates back to 1928 and was used as inexpensive housing for 400 sorority women. It has an eatery on the top two floors with an outdoor deck. The building reportedly used to be a Frank Sinatra hangout after shows — he even gave impromptu performances there. “It was the Boom Boom Room of its day,” an unnamed source told Crain’s. [Crain’s]Zachary Kussin