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871 7th Avenue Update 10/31/22

Historic Manhattan Hotel Leases for $94.45M

Extell Development Company has agreed to ground-lease a 26-story hotel building from BD Hotels for $94.45 million. Located at 871 7th Avenue in Manhattan's Times Square - Theatre District, the historic structure is known as the Wellington Hotel.

Now on the verge of closing down for good, the hotel was originally constructed in 1911. It contains roughly 600 luxury guest rooms and spans approximately 200,000 square feet. Many rooms are found in the main tower, although most are actually located in the shorter L-shaped building that surrounds it as well as a neighboring, former office building, located just to the east. All 3 of these structures are connected internally.

The hotel features ground-floor retail units, totaling 7,700 square feet, a business center, and dining options, such as the Park Cafe, and an upscale restaurant, known as Molyvos.

Altogether, the property totals 207,700 square feet. More details on the ground lease, specifically the agreed-upon duration and the fate of the hotel, should become available soon.

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