Chetrit revealed as Hotel Chelsea buyer

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After months of rumors, the buyer paying upwards of $80 million to take over the legendary Hotel Chelsea has been revealed as New York real estate developer Joseph Chetrit. According to the Wall Street Journal, the Chelsea’s longtime tenants will be happy to know that Chetrit is not planning a condominium conversion, as some had speculated that a new owner would. Instead, he’ll renovate and modernize the landmark 222 West 23rd Street building, known for housing artists like Andy Warhol, Bob Dylan, Leonard Cohen and Jim Morrison over the course of its 127-year history. The sale has not yet closed, but Chetrit has emerged as the winner of a bidding pool that included many of the city’s biggest real estate developers and hoteliers, including Ian Schrager, Andre Balazs, Aby Rosen, former hotel manager Stanley Bard and Tristar Capital head David Edelstein. New Yorkers had been guessing at who the buyer was since it was reported last month that a contract had been signed, but few had landed on Chetrit’s name, despite his previous success in upgrading the storied Empire Hotel, which he acquired in 2004. [WSJ]