Crain’s New York Business: Developers to convert Stewart Hotel in Chelsea to 625-unit apartment building

By EDDIE SMALL

July 12, 2022 11:55 AM

The owners of Manhattan’s Stewart Hotel are converting the property into a massive apartment building.

The hotel, located at 371 Seventh Ave. in Chelsea, is owned by Isaac and Eli Chetrit and Ray and Jack Yadidi of the Sioni Group, who purchased it in 2016 for about $213 million, according to property records and the Yadidis. The conversion process will take between 24 and 36 months, and the building will ultimately have about 625 market-rate apartments and 35,000 square feet of amenities like yoga rooms, coworking space and a golf simulator, the Yadidis said.