Tapping into the long-term corporate housing market, a partnership of Silverstein Properties Inc., Fisher Brothers and Capstone Equities has purchased the Beekman Tower Hotel for more than $82 million. The partnership plans to invest in the redevelopment of the 174-room hotel into extended-stay luxury corporate suites.
The 26-story, Art Deco hotel at 3 Mitchell Place, near 49th Street and First Avenue, was sold by Hudson Advisors. Hudson, a special servicer and an affiliate of Lone Star Fund, acquired the defaulted mortgage when the hotel’s former owner reportedly ran out of funds for renovation.
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