The deal for decayed urban treasure 5 Beekman Street has finally closed, The Real Deal reports. So how much did it sell for? $64 million. The new owner is, sadly, not Andre Balazs. Instead, the hotel will be redeveloped by a joint venture partnership?one partner is the owner of the Ace Hotel. The building will become a 297-room hotel with 90 apartments, all set to be done in 2014. We'll say it: this is one we can't wait to see.
· 5 Beekman sale closes for $64M [Real Deal]
· 5 Beekman coverage [Curbed]