Hotel Chelsea is a landmark in Manhattan. It has been there for so long that you almost feel that it was always there. Artists and celebrities have lived there. It has been home to names like Bob Dylan, Andy Warhol and Eugene O’Neil. The family that owned and operated the hotel for the last 65 years has finally put it up for sale.
“It is time to let a new owner, with perhaps some new innovative ideas and resources, to re-energize and revitalize the Chelsea,” Paul Brounstein, a shareholder and board member, said in a statement released to the media. It is a 12 storey property with a total of 125 guest rooms. There are 101 residential units also that have residents living there for decades , some of them artists who pay the rent with their original art work.
Eastdil Secured LLC has been hired to market the property. They are hopeful that the name and the history associated with the hotel will definitely add to the valuation. But ultimately the final valuation will depend on the projected income the hotel is expected to make. Can you market a room at a higher rate because a celebrity slept in it? Those who think yes will boost the valuation of the property.