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Avison Young arranges 21,273-sf triple-net lease for Mayfair Hotel Group at 242 West 49th Street
February 28, 2023
The 49-year lease encompasses 25-year term with a 24-year renewal
New York, NY –Avison Young has arranged a new, 49-year lease for The Mayfair Hotel Group LLC, a boutique hotel owner and operator, at 242 West 49th Street. The 78-key, 21,273-square-foot (sf) building in New York’s Times Square/Theatre District area was brokered off-market and began in January 2023. The Mayfair Group has begun a $2.5 million renovation of the hotel, soon to be named the Mayfair Hotel NYC, and will include updated interior design, enhanced mechanical systems, and new food and beverage operations.
The Mayfair Hotel Group LLC was represented by Noah Kossoff, Associate Director who is based in Avison Young’s New York City office. Kossoff also represented the landlord, along with legal representation from Ian Lester, Esq. of Lester Bleckner & Shaw, LLP.
“The resurgence of work and leisure travel has spurred demand for well-located hotel rooms throughout NYC. Sitting directly in Times Square’s Theater District, the Mayfair Hotel will be well-positioned to meet the demand in the area while offering affordable yet convenient stays to travelers from across the globe,” said Kossoff.
The property was shut down at the onset of the COVID-19 pandemic and has sat vacant since that time. Construction on the renovations is expected to take up to a year, with an official opening to follow. The lease comes off the heels of a $17.5 million fee simple purchase by an affiliated LLC of The Mayfair Hotel Group LLC in August 2022 of the Blue Angel Hotel at 152 East 55th Street.
“We are eager to bring our hospitality to the Times Square market and elevate the experience of what New York City has to offer,” said Henry Zheng, of The Mayfair Hotel Group LLC. “We’re grateful to Noah and his team at Avison Young for helping us secure this property, which will significantly expand our presence in the area.”
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