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NYC's Filthiest Hotel To Be Sold For $190 Million
By
Lauren Evans
Published Sep 5, 2014
Modified Sep 5, 2014
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By
Lauren Evans
Published Sep 5, 2014
Modified Sep 5, 2014
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The Hotel Carter, an establishment known for being so dirty that you can practically smell the photos on its website, will soon be a relic of the past, now that an agreement has been etched to sell it for a cool $190 million.
Moroccan-born investor Joseph Chetrit, who's made his mark with several other notable properties around the city, cut a deal with the hotel's seller following the death last year of owner Tran Dinh Truong. Despite being worth around $200 million, Truong failed to write a will, leaving his heirs to squabble bitterly over his fortune. Because of this, the deal, which is expected to be complete in the next two months, still has plenty of time to fall through.
It's uncertain what exactly Chetrit will do with the crumbling, 600-room Times Square fleabag, but experts told the Wall Street Journal the property is in such poor shape it will likely require another $125 million just to ensure it doesn't implode.
The Carter was built in 1930, and remains one of the few crusty locales that survived the Disneyfication of Times Square. Despite its reputation as a filthy hovel in which the happiest residents are vermin, several other investors jockeyed for ownership of the building, including private-equity firm CIM Group, New York developer Aby Rosen and hotel-management company Highgate Hotels LP.
Congrats to Mr. Chetrit, though. It'll certainly make for a fun fixer-upper once he's done hauling all the desiccated mouse bodies from under the pee-stained coverlets!
(h/t Curbed)
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Lauren Evans
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