$11.8M multi-floor rehab completed at Westin Grand Central hotel

Asset manager Davidson Kempner Capital Management, on November 15, formally completed an $11.8 million interior rehabilitation of several floors of the Westin Grand Central hotel at 212 East 42nd Street in Murray Hill.

The firm purchased the 774-key hotel from Host Hotels, a Maryland-based real estate investment trust, for $277.7 million on January 9, 2019.

Goldman Sachs provided the buyer with nearly $200 million in financing to facilitated the purchase.

Around the time of the acquisition, it was reported that the developer planned to spend $20 million to renovate the building, which was once called “gloriously tacky”. The report also stated it was Davidson Kempner’s first purchase of a major hotel in the United States.

According to an analysis of alteration filings with the NYC DOB, since the closing of the purchase with the building, $12,658,741 worth of alteration plans have been filed.

The plans, pre-filed on January 2, 2020, call for work on floors four through 38 of the 384-foot tall, 38-story building.

The project is described in the filings as: filing for interior renovation as per plans filed. no change to use, egress or occupancy under this application. The initial cost as reported in the DOB filing for the work described in this permit application is $11,850,000.

MLG Architects was the architect listed.

Direct link to Acris document. LINK

Direct link to DOB document. LINK