The Hotel Chelsea and David Edelstein
The landmark Hotel Chelsea could go the condominium-hotel route under the ownership of a new front-runner in the closely watched bidding process for the 127-year-old property. According to the Post, David Edelstein, president of New York-based Tristar Capital and developer of the W Hotels in South Beach and London, is seen as a top contender for the 250-room hotel, which is said to be asking close to $100 million and has drawn interest from the likes of Andre Balazs and Ian Schrager. Former Hotel Chelsea manager Stanley Bard had also been angling for a bid, but said yesterday that he’s been having health problems, so “things have changed.” If Edelstein purchases the legendary 222 West 23rd Street hotel, he is considering turning it into a mix of condos and hotel rooms, sources said. [Post]