Emmut Properties submits 143-unit condo plan at former hotel bought for $79.8M in UWS

45 West 81st Street (Credit - Google)

Emmut Properties submitted a 143-unit condominium plan with the New York State Attorney General’s office to convert the former hotel at 45 West 81st Street on the Upper West Side that it bought for $79.8 million into residential condominiums. The plans were submitted August 5 and listed company president John Young as principal. The filing did not include an initial sellout price.

Emmut Properties through the entity 45 West Emmut Properties LLC paid $79.8 million to Harry Krakowski through the entity Excelsior Syndicate Inc. for the hotel (H2) at 45 West 81st Street in Upper West Side, on December 16, 2021.
The property has 133,229 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $598 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The New York Post first reported on the sale to Emmut, noting the hotel was closed during Covid and that Emmut often converts commercial buildings into residential rentals.
Condo LINK CD220168
Direct link to Acris document. link

Share this article