David Schwartz Of Slate Property Group And Brenda Rosen Of Breaking Ground Acquire Stewart Hotel For $255M

The shuttered 611-key Stewart Hotel, located at 371 7th Avenue in Midtown Manhattan, has been sold for $255 million. The transaction underscores its value in a prominent market area, with a price per key of $417,349.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $255,000,000
• Buyer: David Schwartz - Slate Property Group & Brenda Rosen - Breaking Ground
• Seller: Jack Yadidi - Sioni Group & Jacob Chetrit - Patriarch Equities
• Number of Keys: 611
• PPK: $417,349

David Schwartz and Brenda Rosen plan to convert the Stewart Hotel into 579 permanently affordable apartments following the acquisition. The transaction includes representation from Sioni Group and Patriarch Equities in their role as sellers in the deal.