Rumors about the purchase of the iconic Hotel Chelsea for more than $80 million have been swirling for weeks. And the rumormongers in the Curbed comments have it: according to the Journal, the buyer now in contract is real estate investor Joseph Chetrit. And unlike rumored Hotel Chelsea bidder David Edelstein, Chetrit doesn't plan to take the building condo. Instead, according to the Journal's sources, it will remain a hotel?with some as yet unspecified upgrades. Perhaps not a huge comfort to the hotel's long-time tenants, since the current rent policy of not always collecting rent on time will probably change regardless. But there really was no need for them to be afraid of Andre Balazs.
· Hotel Chelsea's New Proprietor [WSJ]
· Hotel Chelsea coverage [Curbed]