Chelsea Hotel To Close, Be Converted To 625-Unit Apartment Building

Add the Stewart Hotel to list of Manhattan hospitality properties shuttering permanently.

The 618-key hotel in Chelsea, which was built in 1929, is being converted to a 625-unit apartment building, Crain’s New York Business reports.

The building was acquired by Ray and Jack Yadidi of the Sioni Group and Isaac and Eli Chetrit in 2016 for $213M, Crain’s reported. The developers plan on converting the hotel at 371 Seventh Ave. to an entirely market-rate rental building, with amenities including coworking space, yoga rooms and a golf simulator. The conversion is expected to take between 24 and 36 months to complete.

Read the complete article at BISNOW  https://www.bisnow.com/new-york/news/hotel/chelseas-stewart-hotel-owners-announce-plans-for-residential-conversion-113759

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Posted by admin on Aug 4 2022. Filed under Breaking News, Featured, World News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.