NEW YORK CITY-The Hotel Chelsea situated in Manhattan is in contract to be sold to an unidentified buyer for more than $80 million. Eastdil Secured's Douglas Harmon, who handled the landmark property deal, accepted that there is a buyer but he wouldn't disclose the identity of the buyer.
Hotel Chelsea's shareholders put the property up for sale in October. According to hotel analysts, the new owner may have to spend more than $20 million to upgrade the property.For the full story, go to Wall Street Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.