Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion


The Excelsior Hotel in Manhattan was originally built in the 1920s as an apartment building and converted to a hotel use in the mid-20th century. Emmut Properties will now redevelop the 15-story building to feature its original use.

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the deal.

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