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.