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NEW YORK CITY-Hotel Chelsea, a 12-story red-brick building located at West 23rd Street, is up for sale. The shareholders headed by three Hungarian families who purchased the property in 1946 are selling the building.

The 200,000-square-foot building, which was opened in 1884 as co-ops, comprises about 100 rental apartments and 125 hotel rooms. The El Quijote restaurant also occupies space in this building. Since modernizing the apartment building and hotel was very challenging, the shareholders are trading the property. For the full story, go to Wall Street Journal.

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