Living with Legends

Over at The Real Deal, the speculation is that Andre Balazs is interested in buying the Chelsea.  Hmmmm, we hear that Balazs is having trouble finalizing deals he’s already involved with.  Back in June when Balazs was over here at the Chelsea he should have been worrying about the lack of sales down at The Beaver House. Maybe Balazs is spreading himself too thin.  Remember, Stanley Bard is the majority owner and the last time I checked he said the hotel is not for sale. It would take a real financial slight of hand to sale a building that you don’t own.

Chelsea Hotel co-owner Marlene Krauss says the famously bohemian building is not for sale, but questions remain after developer André Balazs was spotted mingling with new management in the lobby earlier this summer. Some speculate that the hotelier, who restored the Chateau Marmont in Hollywood to rave reviews, might be interested in purchasing the Chelsea. But Krauss has denied rumors of Belezs’ involvement. Renovations to the building, built in 1883, could cost as much as $50 million. more [NYO] (Source: The Real Deal)

Last Friday’s rumor was at curbed.com.