Real Estate
Single-Room Occupancy Hotel in Upper West Side Sold for $22.5 Million
The Park 79 single-room occupancy hotel in the Upper West Side has been acquired for a hefty price tag — $22.5 million.
UPPER WEST SIDE, NY — An Upper West Side single-residence occupancy hotel has been acquired by real estate firm Fairstead Capital, The Real Deal reported.
The building, called Park 79 and located at 117 W. 79th St., sold for $22.5 million, according to the report. The building stands seven stories tall and contains 108 rooms, The Real Deal reported.
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The current owners of the building are not on the city's good side. The building currently has two open Department of Buildings violations and three open Environmental Control Board violations, according to Department of Building documents acquired by Patch. The building has also received complaints that it's home to an illegal hotel operation, according to Department of Buildings files.
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The hotel's website says that the business is "currently closed for renovations."
The new owners plan to convert the building for residential use, according to The Real Deal.
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>>> Read The Real Deal's full report here.
[Photo: Google Maps street view circa September 2015]
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