Beekman Tower Hotel trades for $85M

TRD New York /
Dec.December 13, 2012 03:00 PM

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

Related Articles

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

181 Varick Street (Credit: Google Maps)

Claremont Companies buys Soho Marriott for $59M

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M