New York’s iconic Chelsea Hotel, a former stomping ground for Andy Warhol, Bob Dylan and Eugene O’Neill among others, was recently put on the market. The families that owned and operated the Chelsea Hotel for over 65 years say it’s time for a change.
In a Tuesday statement, Paul Brounstein, a shareholder and board member said, “It is time to let a new owner, with perhaps some new innovative ideas and resources, to re-energize and revitalize the Chelsea.”
The most famous suite in the legendary 12-story property is a 2 bedroom/2 bath suite where Marilyn Monroe lived. In addition to the 125 hotel rooms, the Chelsea Hotel boasts 101 residential units. The 23rd Street property is full of history and that will factor into the price, says Patrick Scholes, an analyst at FBR Capital Markets. He says “the price will be based on how much income this hotel can make. Will people be willing to spend a few more dollars to stay in a room Marilyn Monroe or Andy Warhol slept in? Sure.”
The property was built in 1883 and was the tallest building in the entire city at the time. It was converted into a hotel in 1905 and has 17,000 square feet of retail space. The Chelsea Hotel was also where Nancy Spungen, the girlfriend of Sex Pistols bassist Sid Vicious, was found stabbed to death in 1978.
While not a particularly attractive property, the Chelsea Hotel is a New York landmark that will go down in history for its connection to creativity and the arts regardless of who owns it.