Related gets $263M for Yotel space

Yotel, the European pod hotel chain that made its U.S. debut in Hell’s Kitchen this month, paid $263 million for its brand new digs in the Related Companies’ MiMA tower at 440 West 42nd Street. According to a deed filed today with the city, Related transferred the MiMA commercial condominium that Yotel now occupies on June 1. Yotel officially opened its doors two days later. The 669-room hotel, of which The Real Deal architecture columnist James Gardner is not a fan, offers guests 170 square feet of space in exchange for around $150 per night. Making up the rest of MiMA’s 60 stories are 500 rental units, 151 condos, 23,000 square feet of amenities and 13,000 square feet of retail space. TRD