295 Madison Avenue
Matthew Adell’s Adellco is buying the Hotel Wales and plans to convert it into a luxury condo building with Central Park views.
The sale of the 100-year-old hotel at 295 Madison Avenue
is expected to close January 31
, the New York Post reported. Other details on the deal weren’t immediately available.
The hotel very recently traded hands. In April, DLJ Real Estate Capital paid $35 million for the 89-room, 10-story property. The building had been marketed as an opportunity for a mixed-use, luxury condo project
. The property also has 6,600 square feet of unused air rights, which could be used to add a penthouse floor.
Formerly known as the Hotel Chastiagneray, the building became a single-room-occupancy hotel before its conversion into a high-end hotel in the 1980s. [NYP]
— Kathryn Brenzel