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New York & Tri-State  + Midtown New York  + Net Lease  | 

Mayfair Hotel in Midtown Secures Triple-Net Lease

In a deal brokered by Noah Kossoff of Avison Young, Lester Bleckner & Shaw LLP has represented client Mayfair Hotel Associates LLC, the owner of 242 W. 49th St., in signing a triple-net lease of the building to Mayfair Hotel Group LLC.  The transaction is valued at more than $30 million.

Originally built in 1906, 242 West 49th Street is a seven-story building between Broadway and Eighth Avenue.  The 21,000-square-foot property is home to the iconic Mayfair Hotel; the lessee has plans to renovate and reopen the hotel.

The triple net lease has a 25-year term with a 24-year renewal option. Ian Lester, Esq, David Levy, Esq., and Corey Trail, Esq. of full-service real estate law firm Lester Bleckner & Shaw provided legal representation for the landlord while the tenant, Mayfair Hotel Group LLC, was represented by the Law Office of Yat T. Man.


Inside The Story

Avison Young's KossoffLester Bleckner & Shaw

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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