Restoration Hardware Acquires Hotel In Meatpacking District For $57.7M

55 Gansevoort Street, located in the Meatpacking District, has been sold in a transaction. The property, a hotel, was purchased by Restoration Hardware from the seller, Michael Shah. The deal was facilitated by brokers David Schechtman, Abie Kassin, Lipa Lieberman, and Helen Hwang from Meridian Capital Group. The sale price for the property was $57,710,000, with a total square footage of 28,434. This translates to a price per square foot of $2,030.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $57,710,000
• Address: 55 Gansevoort Street
• Market: Meatpacking District

An additional note shared by David Schechtman states that the property includes nine guestrooms, a restaurant, and a rooftop bar. The purchase price of over $6 million per key sets a new record for the highest price paid per key in New York City. For more information or inquiries about this transaction, David Schechtman can be contacted at 212-468-5907.