Lester Bleckner & Shaw LLP recently announced that it has represented client Mayfair Hotel Associates LLC, the owner of 242 West 49th Street, 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 8th 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. Noah Kosoff of Avision Young brokered the transaction. Ian Lester, Esq, David Levy, Esq., and Corey Trail, Esq. of full-service real estate law firm Lester Bleckner & Shaw LLP were legal representation for the landlord while the tenant, Mayfair Hotel Group LLC, was represented by the Law Office of Yat T. Man, which provides counsel to business entities engaging in real estate transactions and commercial ventures.
