The tenant-penned Hotel Chelsea blog Living With Legends writes that the hotel's general manager "has told multiple tenants that Tristar Capital, headed by former cab driver David Edelstein, has bought the Chelsea, reportedly for significantly less than Madoff-victim Marlene Krauss’s asking price." We'll have to see how that intel shakes out, but recent reports have pegged Edelstein as the favorite to win control of the shabby bohemian landmark on West 23rd Street, where boutique hotel kingpins Ian Schrager and Andre Balazs also showed interest. The asking price was around $90 million.
Edelstein, who climbed the ranks of real estate in New York before going national, may turn part of the building into condos, meaning this could be the first condo marketing plan to use a gruesome crime as a selling point. But the W South Beach this is not, so expect a tiff or two to break out over whatever big plans may be in store. If the Hotel Chelsea does go condo, there's one unit that should interest buyers as much as Dylan's old digs.
· From Hack to Big Steal: David Edelstein Reportedly Purchases Chelsea Hotel [LWL]
· Hotel Chelsea coverage [Curbed]