Hotel Chelsea finally finds buyer

2 min reading time

Published on 17/05/11 - Updated on 17/03/22

Joseph Chetrit, a reclusive New York City-based real estate investor noted for his partial ownership of North America’s tallest building, has been identified as the buyer of New York’s famed Hotel Chelsea

Along with his stake in Chicago’s Willis Tower—more commonly known by its former name, Sears Tower—Chetrit recently led the revitalization of another Manhattan lodging icon, Empire Hotel. According to The Wall Street Journal, Chetrit has signed a contract to purchase the 225-key Hotel Chelsea for more than US$80 million, or about US$356,000 per key.Built in 1883, Chelsea became an icon for its longstanding tradition of offering discounted rates to struggling artists; it has been called home over the years by icons like Andy Warhol and Bob Dylan. It is unknown whether Chetrit will continue the hotel's liberal rate policy for the arts community.Chetrit is notoriously publicity-shy and has declined to discuss or confirm his latest acquisition. However, sources tell the Journal that Chetrit plans to maintain the 127-year-old Chelsea as a hotel and will upgrade and modernize it.Several high-profile moguls had been linked to the iconic hotel since it was put up for sale since last summer, including hoteliers André Balazs and Ian Schrager, singer Marc Anthony and former Chelsea manager Stanley Bard. David Edelstein, president of Tristar Capital, was at one time thought to be the frontrunner to purchase the hotel.Built in 1883, Chelsea became an icon for its longstanding tradition of offering discounted rates to struggling artists; it has been called home over the years by icons like Andy Warhol and Bob Dylan. It is unknown whether Chetrit will continue the hotel's liberal rate policy for the arts community.

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