This is just complete speculation since we recently learned the owners of Gansevoort Park Avenue NYC are exploring their options to sell the property. Gansevoort Park Avenue NYC is a 19 story property covering 214,000 square feet with 249 rooms at 420 Park Avenue South, on the corner of East 29th Street and Park Avenue South.
The Real Deal broke the story earlier this month, noting Centurion Realty is negotiating a plan to sell the hotel with the Achenbaum family. Persons with ties to the property leaked information that the Tawils exercised an option to the Achenbaum family that is intended prompt a buyout or a joint venture to sell ownership. Partners in the joint adventure, each hold a 45.05 percent stake in the hotel, while a smaller stake of 9.9 percent belongs to Douglaston Development, which is part of Achenbaum’s group.
A Gansevoort Hotel spokesperson told the Real Deal, “We are not interested in selling,” and declined to comment further. No comment was made by representatives of Centurion or Douglaston to the Real Deal.
It would not be unheard of for the boutique hotel to be converted to new rental residences in NoMad, as other Manhattan hotels that sold recently are planning. The owners of Morgans Hotel in Murray Hill and Dumont Hotel in Kips Bay are both planning rental conversions to their properties.
If converted, the hotel would be able to offer the same type of luxury amenities as many of the luxury apartment complexes in the area do. The property already has a spa, rooftop pool, bar and lounge area, and a fitness center. The property, also, has a full-service restaurant and a hair salon.
The move could potentially add another 249 new apartments for rent with terraces in NYC to an area that is rapidly expanding. Two developments are under way on Fifth Avenue, and a third on East 31st Street. The luxury developments will be in addition to the recently completed luxury complex at 100 West 31st Street, EOS.