NEW YORK (December 7, 2015) — International law firm McDermott Will & Emery advised advised Chelsea Hotels in the sale of the landmark Martha Washington hotel in New York City, along with an adjacent four-story building at 33 East 29th Street, to CIM Group for $158 million.
The Murray Hill property located at 29 East 29th Street, which Chelsea Hotels purchased in 2012, is a 12-story, 130,000-square-foot building with 256 rooms. It originally opened in 1903. The new owner plans to renovate the property and rebrand it as the Redbury Hotel New York.
McDermott’s deal team was led by Keith Pattiz, head of the firm’s real estate group, and real estate partner William Stempel. The team also included partner Jonathan Boyles and associate Vanessa Barmack.
The Martha Washington, designed by prominent New York architect Robert W. Gibson in the Renaissance Revival style, was declared a historical landmark by the New York City Landmarks Preservation Commission in 2012.
McDermott Will & Emery’s Real Estate Group counsels clients on all aspects of the acquisition, development, and disposition of real estate. The firm represents landlords and tenants in all facets of office, commercial, retail and industrial leasing transactions. It represent financial institutions and private and institutional investors in multistate and project financing. And, it counsels hospitality clients in all aspects of their business, including the structuring and implementation of management agreements, and the leasing or management arrangements for food and beverage operations.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, D.C. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.