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Webster Hotel sells for $9M.

Eastern Consolidated Properties, Inc. announced the sale of the Webster Hotel, a 120-unit, 12-story hotel. The hotel, located at 40 West 45th Street between Fifth and Sixth Avenues is situated in the heart of midtown Manhattan directly next to the Harvard Club.

The Webster was previously owned by a local developer who completely renovated the property with the intent of selling condominiums to corporations, however, the sale of the units never materialized and the developer lost the property in foreclosure to EOR-II.

Scott Latham, a vice president at Eastern Consolidated, negotiated the $9 million. Also, involved in the transaction was a buy-out of four residential tenants and the relocation of another four, in order to allow for the complete redevelopment of the property that will begin immediately.
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Title Annotation:Eastern Consolidated Properties Inc. sells New York, New York hotel for $9 million
Publication:Real Estate Weekly
Date:Apr 14, 1993
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