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Sale of Times Square's Seedy Hotel Carter Could Fetch $170M

Known as the dirtiest hotel in New York (possibly even the country), the Hotel Carter on West 43rd Street between Seventh and Eighth Avenues is one of the last and largest relics of Times Square's seedy past. But a new life is on the horizon. The 24-story hotel was put on the market last year, and the Journal reports that it could sell for as much at $170 million, despite its dilapidated state. Interest buyers include major players in the hospitality industry, like Highgate Hotels and New York hotelier Morris Moinian.

Disgusting linens, threadbare carpets, and cockroaches—not to mention dead bodies—are the norm at Hotel Carter, and a new operator would have to shut down the 600-room hotel to complete a gut renovation. The managing director of GF Management, which has been running the hotel while it's being marketed, says that the work would cost at least $125 million and require replacing the elevators, boilers, pipes, heating, ventilation, and air conditioning. But rooms in Times Square sell for an average of $284 per night, and the area is extremely popular with tourists, so hotel developers are extremely interested in the site. "Everyone wants to stay there," Moinian told the Journal. "Today, it is the biggest destination for world travelers."

The Hotel Carter first opened in 1930 as the Hotel Dixie, and like the rest of Times Square, started to deteriorate in the 1970s. It was purchased in 1977 by Tran Dinh Troung, a man the Journal describes as "a Vietnamese shipping magnate who escaped with cash and gold when Saigon fell to the Communists in 1975." Tran died in 2012, and he had housed his family in 35 connected rooms on the lower levels of the hotel. He didn't leave a will, and the hotel is being sold as part of his family's ongoing legal battles over his estate.
· Relic of Times Square's Seedy Past Nears a Sale [WSJ]
· Hotel Carter coverage [Curbed]
Photo via Wikipedia