Meridian Capital Group

Luxury furnishings company RH buys the building that contains its hotel

January 02, 2024

Publication: Crain's New York Business

The operator of one of New York’s ritziest low-key hotels has snapped up the building the hotel has leased for years.

RH, the furnishings chain formerly known as Restoration Hardware, which has increasingly branched into hospitality, has purchased 55 Gansevoort St. in the Meatpacking District for $57.7 million, according to a broker involved with the deal, which closed on Monday.

RH Guesthouse, whose 10 opulent rooms feature stocked pantries, two baths and their own gyms, and which start at $2,200 a night, opened in fall 2022. But RH has been leasing the five-story flatiron-shaped landmark since 2017 under a 15-year deal, according to marketing materials.

“In 988 closings worth $10 billion in 19 years, I have certainly never sold a building that looks like this,” said David Schechtman, the broker with Meridian Capital Group who marketed the property. “Nor will I probably ever.”

Featuring:
David Schechtman
Senior Executive Managing Director
Investment Sales
(212)468-5907
[email protected]
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