Tag Archives: Rentals

Business

Strong earnings from Tesla, United Rentals helped lift market

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CNBC’s Jim Cramer said that Thursday’s rally is thanks to a batch of strong company earnings.

“I’ve said over and over again that during earnings season, what matters is companies and the CEOs with the smarts to direct them,” he said.

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Stocks rose on Thursday as investors digested the latest batch of earnings and new gross domestic product data showing the U.S. economy grew by a higher-than-expected 2.9% in the fourth quarter.

Cramer said that contrary to what many might believe, the economic data didn’t drive the trading session’s rallies.

“That’s a classic misdirection play — just totally wrong. It’s stale. It doesn’t count. We’re in earnings season, for heaven’s sake,” he said, adding, “Stocks did well today because many of them delivered good numbers.”

He went over several examples of corporate news and earnings reports that fueled Thursday’s gains:

“It’s very confusing if you’re on permanent negative autopilot because you only pay attention to the [Federal Reserve]. If you watched the individual companies, these moves would be a lot less surprising,” Cramer said.

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Entertainment

Kanye West spends money ‘like it’s water,’ living in luxury hotels and rentals, friend tells TMZ

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Kanye West has been like a vagabond recently as he has blown through tons of cash as he jumps from city-to-city while staying in luxury hotels and fancy rental homes.

The 45-year-old artist – who boasts an impressive an impressive portfolio – has opted to not stay in any of the homes he has purchased and instead live life as a transient who has splashed a ridiculous amount of cash.

Of his spending habits, a source – who claims to be one of Kanye’s former friends – told TMZ on Tuesday: ‘He blows through his money like it’s water.’ 

BMF: Kanye West (seen in London last month) has been like a vagabond recently as he has blown through tons of cash as he jumps from city-to-city while staying in luxury hotels and fancy rental homes

The insider told the publication that he rarely stays in the same place for more than a few days and that he spends money like it’s nothing including footing the bill for his Yeezy fashion show in Paris earlier this month.

He definitely has the capital to spend as his net worth is an estimated $4billion according to Celebrity Net Worth. 

TMZ also notes that their insider claims that the All Of The Lights hitmaker has made some bold business decisions including firing Shervin Pishevar from Yeezy in addition to other advisors and publicists. 

During a recent interview on Drink Champs, Ye said that he had recently purchased a $50million penthouse which is another addition to his already packed real estate portfolio.

Of his spending habits, a source – who claims to be one of Kanye’s former friends – told TMZ on Tuesday: ‘He blows through his money like it’s water,’ the 45-year-old artist is seen in LA on Friday

Kanye already owns many multi-million dollar properties including one notably across the street from estranged wife Kim Kardashian. 

In December 2021, the Yeezy founder – who shares four children with his 41-year-old ex – bought a 3651 square-foot, 5-bedroom home in LA’s exclusive Hidden Hills for $4.5which he still has not lived in.

Months earlier in September 2021, he dropped a whopping $57.3million on a sprawling beachside home in Malibu in an off-market deal.

 The stunning property which looks like a piece of art was designed by Japanese Pritzker Prize-winning architect Tadao Ando and was built by Marmol Radziner.

Big spender: During a recent interview on Drink Champs, Ye said that he had recently purchased a $50million penthouse which is another addition to his already packed real estate portfolio

Closer to family: In December 2021, the Yeezy founder – who shares four children with his 41-year-old ex – bought a 3651 square-foot, 5-bedroom home in LA’s exclusive Hidden Hills for $4.5which he still has not lived in

Stunning: Months earlier in September 2021, he dropped a whopping $57.3million on a sprawling beachside home designed by Japanese Pritzker Prize-winning architect Tadao Ando and was built by Marmol Radziner in Malibu in an off-market deal

Earlier this week, Kanye launched into another anti-Semitic rant as he discussed a sex story involving his estranged wife Kim and her ex-boyfriend Pete Davidson.

The rapper shocked fans last week when he tweeted that he was going to ‘go death con 3 on Jewish people…’ which resulted in him being banned from the microblogging app. 

Yet he doubled down on his view during an interview on Drink Champs as he claimed that Kim discussing her sex life with Pete alluded to Jewish Zionist practice.

West was referring to a scene on the The Kardashians, in which Kim, 41, spoke about how she slept with Pete, 28, in front of a fireplace in tribute to her grandmother.

Rant: Kanye claimed Kim’s recent sex confession with Pete Davidson was spurred on by ‘Jewish Zionists’ as he doubled down on anti-Semitic claims in an interview on Drink Champs

In his rant, West told hosts N.O.R.E. and DJ EFN: ‘We Jew so I can’t be anti-Semite. First of all, I need my stadiums back. The 78 media outlets that called me an “abuser” when I was trying to get… Pete Davidson away from my kids that was tattooing my kids’ names on him, Skete. 

‘Kim is a Christian – on TMZ, I just saw it yesterday, it said, “Pete Davidson and Kim had sex by the fireplace to honor they grandmother,”‘ he said. 

‘It’s Jewish Zionists that’s about that life, that’s telling this Christian woman that has four black children to put that out as a message in the media.’ 

He continued: ‘So when I drive by and I see the Hulu ads and I see the JP [Morgan Chase] ads, I’m gonna let y’all know right now, the devil is a defeated foe – you can’t poison me.’

Kardashian filed from divorce from West in February of 2021, and the former couple are parents of four children: North, nine, Saint, six, Chicago, four, and Psalm, three. 

Former flames: Kardashian was romantically-involved with Saturday Night Live star Davidson from October last year to August 

Kardashian was romantically-involved with Saturday Night Live star Davidson from October last year to August. 

Prior to their split, Kim opened up about one of their sexual encounters while speaking with her grandmother on her reality show.

She said: ‘You know what’s so crazy? Pete and I were staying at the Beverly Hills Hotel last weekend and we were sitting in front of the fireplace just talking for hours. 

‘I was like, “My grandma told me that you really live life when you have sex in front of the fireplace. And so, we had sex in front of the fireplace in honor of you. I know that’s probably creepy.”‘ 

Claims: West said that ‘it’s Jewish Zionists that’s about that life, that’s telling this Christian woman that has four Black children to put that out as a message in the media’

West’s vitriolic message against Jewish people was his second in as many weeks, as last week he tweeted: ‘I’m a bit sleepy tonight but when I wake up I’m going death con 3 On JEWISH PEOPLE … The funny thing is I actually can’t be Anti Semitic because black people are actually Jew also … you guys have toyed with me and tried to black ball anyone whoever opposes your agenda.’

In the controversial interview, West also said ‘the Jewish media blocked me out’ after a previous interview with a separate outlet was not aired; and that ‘Jewish people control the Black voice.’

West said he spoke without fear of harming his professional or personal life, as he said he has already been subject to numerous consequences.

‘Y’all already f****d with me so much you already Black Mirrored me; you already made people think I’m crazy, you already took my family away, you already separated all my friends. I don’t got no celebrity friends.’

West also took aim at talk show host Trevor Noah, who has past been critical of his behavior amid a public series of outbursts aimed at Kardashian and Davidson earlier this year.

‘Trevor Noah, not even from America, he just looks Black right?’ West said. ‘Gonna say, yo, Kim it’s gonna get dangerous, he putting all that “He so crazy, he’s so OJ.” Nori just wants the family back together, I just want the family back together.’ 

Elsewhere during the interview, West said: ‘Jewish people have owned the black voice. Whether it’s through us wearing a Ralph Lauren shirt, or it’s all of us being signed to a record label, or having a Jewish manager, or being signed to a Jewish basketball team, or doing a movie on a Jewish platform like Disney.’

Candid: Prior to their split, Kim opened up about her sexual encounter with Davidson while speaking with her grandmother Mary Jo ‘MJ’ Campbell in a segment on the show 

He continued: ‘I respect what the Jewish people have done and how they brought their people together. You know they came into money through the lawyers. After Wall Street, when all of the Catholics, they wouldn’t divorce people, so the Jewish people came in they were willing to divorce people and that’s when they came into their money.’

West said that he and other black people are the ‘darker Jews’ as they are part of the 12 lost tribes of Israel. ‘We’re Jewish also. We’re from Africa also. We’re the blood of Christ. We’re not just black,’ he went on.

The rapper said that venture capitalist Ben Horowitz once called him to complain that Jay-Z was giving away ‘Jewish business secrets.’

Blocked: In the controversial interview, West also said ‘the Jewish media blocked me out’ after a previous interview with a separate outlet was not aired

Last week , the Holocaust Museum in Los Angeles invited the Chicago rapper to visit their exhibitions. The museum said in an Instagram post: ‘Words matter and words have consequences Ye. We urge you to come visit us at Holocaust Museum LA to understand just how words can incite horrific violence and genocides.

The post continued: ‘The Holocaust started with only words that sadly begat stereotypes, racial and religious tropes and blaming others and led to the murder of six million Jews.’

According to the American Jewish Council, Jewish people are the targets of 60 percent of religious hate crimes in America despite making up two percent of the population.

Shocking: West’s vitriolic message against Jewish people was his second in as many weeks, as last week, as he posted an antisemitic message October 7 after he faced restrictions on Instagram 

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Business

Lyft Lays Off About 60 Employees, Folds Its Car Rentals for Riders

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Lyft Inc.

has shed about 60 people while hitting the brakes on renting its cars to riders and consolidating its global operations team, according to people familiar with the matter and an employee memo reviewed by The Wall Street Journal.

The cuts covered less than 2% of staff and mainly affected employees who worked in operations, the people said. In a memo to some staff sent Tuesday, the company said it was folding the part of its business that allowed consumers to rent its fleet of cars on the app.

“Our road to scaling first party rentals is long and challenging with significant uncertainty,” according to the memo, sent by Cal Lankton, vice president of fleet and global operations at Lyft. Mr. Lankton wrote that conversations about exiting the business started last fall and “then accelerated as the economy made the business case unworkable.”

Lyft shares rose around 8% Wednesday to close at $14.70, while the tech-heavy Nasdaq Composite Index climbed less than 2%.

The company said it is going to continue working with big car-rental companies. Lyft’s car-rental business had five locations while it has car-rental partnerships with

Sixt

SE and

Hertz Global Holdings Inc.

in more than 30 locations, a spokeswoman said.

“This decision will ensure we continue to have national coverage and offer riders a more seamless booking experience,” the spokeswoman said in a statement.

The company also is reorganizing its global operations team, consolidating from 13 to nine regions and closing a location in Northern California and its Detroit hub, according to the memo.

Lyft joins other tech companies that are trimming staff or scaling back hiring plans as economic challenges cool the once-hot sector. The industry has been hiring at a rapid pace for years, but easy money is drying up and share prices have been plunging amid the reversal of some pandemic trends, high inflation, supply-chain shortages and growing worries about an economic slowdown.

Lyft’s stock has fallen more than 70% in the past 12 months compared with the less than 20% decline in the Nasdaq Composite Index.

In May, rival Uber Technologies Inc. said it would slow hiring. Its stock has halved over the same period.

Last week, Alphabet Inc.’s Google said it will slow hiring for the rest of the year while Microsoft Corp. cut a small percentage of its staff, attributing the layoffs to regular adjustments at the start of its fiscal year. Rapid-delivery startup Gopuff cut 10% of its staff last week, citing growing concerns about the economy.

Earlier this month,

Facebook

-parent Meta Platforms Inc.’s head of engineering told managers to identify and push out low-performing employees, according to an internal post. Snap Inc. Chief Executive

Evan Spiegel

recently told staff the company would slow hiring, warning that the economy “has definitely deteriorated further and faster than we expected.”

In May, Lyft President

John Zimmer

said in a staff memo the company planned to slow hiring, reduce the budgets of some of its departments and grant new stock options to some employees to make up for its eroding share price. At the time, Mr. Zimmer said the company didn’t plan to cut staff.

After enduring the pandemic, ride-share companies like Uber and Lyft are now facing a new world of high inflation, driver shortages, and dwindling passenger numbers. WSJ’s George Downs explains what they’re doing to try and survive. Illustration: George Downs

Write to Preetika Rana at preetika.rana@wsj.com and Emily Glazer at emily.glazer@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Business

Average Manhattan rent breaks $5,000 for the first time

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The average rental price in Manhattan has topped $5,000 for the first time in Big Apple history, according to a jaw-dropping June market report compiled by Douglas Elliman and Miller Samuel.

Specifically, the study tallied an average Manhattan rent of $5,058 per month, which alone would set a city tenant back nearly $61,000 a year. That figure marks a 1.7% month-over-month climb from the $4,975 average rent recorded in May, as well as a 29% year-over-year spike from the $3,922 average found in June 2021.

Last month, Elliman and Miller Samuel revealed that Manhattan’s median rent reached $4,000 for the first time ever in May, a 25.2% year-over-year jump from the $3,195 median the previous May.

Median rent is the mid-point value of the total price samples. Average rent is the sum of all rents divided by the number of the sample size.

Brace yourselves: Manhattan rents have reached a brand new high.
New York Post composite
For the first time in history, Manhattan average rents broke the $5,000 barrier.
Brian Zak/NY Post
After falling to record lows in the thick of COVID, NYC rents continue to reach record heights.
Christopher Sadowski for NY Post

Since late 2021, rents have risen for a variety of factors, one of which includes ongoing record-high inflation rates. Locals also began returning to the city from their COVID hideaways, first as schools reopened and later as companies implemented hybrid office-home arrangements. Out-of-towners who work full-time remote also began moving to New York to take advantage of their locational flexibility.

Elliman also added that, with an increase in mortgage rates, would-be buyers have turned to renting, adding even more pressure to an already tight market, which lately has been marked by bidding wars to secure leases for a scarce number of units.

In June, Manhattan saw 6,433 units available for rent — 11.4% more than the 5,776 listed in May, but a nearly 46% drop from the 11,853 available last June. Among them, listing portal StreetEasy shows, the most expensive in the city: a roughly 6,240-square-foot penthouse at One57 on Billionaires’ Row in midtown listed by Deborah Kern of the Corcoran Group for $150,000, with front-seat views of the Hudson and East rivers, as well as Central Park. As for the least expensive, $1,300 per month gets a one-bedroom near an A train station way uptown in Inwood.

StreetEasy shows the city’s priciest listing is a unit at One57 that looks out to both rivers and Central Park front and center.
Evan Joseph Images via The Corcoran Group
The One57 rental unit’s dining area looks over the same panoramic view through massive exposures.
Evan Joseph Images via The Corcoran Group
Manhattan’s least-expensive rental is located far uptown in Inwood.
Finders NYC

The report also tracks statistics in Brooklyn and northwest Queens; between all three areas, a total of 10,271 units were listed in June. In June 2021, there were 26,256. Figures for The Bronx and Staten Island are not included.

For its part, Brooklyn saw an average rent of $3,822, up 20% from last June’s $3,185. Its median, meanwhile, hit $3,300 — a 22% year-over-year climb. Northwest Queens, which includes prime Astoria, saw an average rent of $3,352 in June, up 15.1% from last June’s $2,913 average. That region’s median hit $3,002 in June, up 11.2% from last June.

Anna Finkelstein, 24, graduated from Columbia University’s Doctor of Physical Therapy program in May — and for the last month has searched for a two-bedroom, or a flexible one-bedroom, apartment to share with her college friend, 25-year-old Abby Alden, with the help of BOND salesperson Ekaterina Vorobeva.

Renters on the hunt for a new apartment have had plenty of challenges since late 2021.
Christopher Sadowski for NY Post

“Even in the past three weeks, I think I’ve seen almost 25 to 30 apartments — I’ll go see five in a day,” said Finkelstein, who added she and Alden have searched around midtown east, midtown west, the Upper East Side and the Upper West Side with a $4,000 monthly budget between them.

“We have a pretty wide neighborhood range,” she later added, “but it has not made our search any easier. It means I’m running around more.”

Finkelstein saw one Manhattan apartment whose whole floor was slanted at an angle. Another apartment had its bedrooms in the basement level. At one open house, attendees were told that whoever sent in the deposit first got the apartment. Another open house had 30 people standing in line for 90 minutes total, up the stairs and around the corner.

“When that happens, you just don’t even apply,” said Finkelstein. “You’re like, no way.”

Though Finkelstein can stay with family for now, and Alden has been subletting, they hope things can calm down — and that they can ink a lease in August.

“We just have to keep looking — and we keep reaching out to brokers hoping to get something early before it goes on the market,” said Finkelstein.

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Business

Big landlords jump into the homebuilding as demand for single-family rentals surges

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Jake and Stephanie Murphy are moving into a new single-family rental home built by American Homes 4 Rent.

Diana Olick | CNBC Real Estate Correspondent

As demand for single-family rental homes surges, big landlords are jumping into the homebuilding business to shore up falling supplies.

The push comes as more Americans have the flexibility to work from anywhere and are looking for larger spaces with outdoor areas.

“This market is very undersupplied. There are not enough quality homes for the number of American families,” said David Singelyn, CEO of American Homes 4 Rent, which has built more than 100 rental-only communities in the last five years.

According to the National Association of Home Builders, there were 13,000 new single-family homes started as rentals in the first quarter of this year, up 63% from a year ago. Homes-built-for-rent still represent just 5% of the home building market, but that’s up from the 2.7% historical average, according to the association.

In Mooresville, North Carolina – about 30 miles north of Charlotte – American Homes 4 Rent’s newest development includes more than 220 rental homes with access to amenities including a pool and fitness centers. Landscaping and maintenance is included in the rent.

Jake and Stephanie Murphy, who’ve been able to work remotely since the pandemic, are among those who relocated to the community after selling their home in California. They could afford to buy, but opted to rent a four-bedroom home for their family for $2,400 a month.

“We’re just not sure if the housing prices will really stay where they are currently. So we didn’t want to buy at the peak and then have them go down in a couple of years,” said Stephanie Murphy, who is 29.

The Murphys also said they liked the flexibility of renting as they learn about a new area.

The number of rentals is now falling slightly, as some smaller landlords sell their homes at the top of this pricey market. But Singelyn expects to keep building homes for rent over the next few years based on the strengthening demand he said he’s seeing.

“How many inquiries are we getting? How many showings? How many applications are we getting on every available home? It’s two to three times greater today than it was two years ago before the pandemic,” Singelyn said.

Other companies investing in the build-for-rent market include Lennar, DR Horton, Taylor Morrison and Toll Brothers. Invitation Homes, the largest publicly traded landlord, last year went into a joint venture with homebuilder Pulte Homes to build more rental homes.

Investment in single-family rentals – both buying older homes and building new ones – has grown dramatically. The sector saw investments of about $3 billion in 2020, according to John Burns Real Estate Consulting. In 2021, the figure surged to $30 billion. It’s expected to reach $50 billion this year as larger institutional investors, homebuilders, and landlord rush into the market.

Like most big landlords, American Homes 4 Rent got into the business during the Great Recession when millions of homes went into foreclosure. The company snapped up cheap, distressed properties, often on the auction block, and turned them into lucrative rentals. 

There were 11.6 million single-family rental households in 2006, at the last housing peak. That figure rose to 15.5 million in 2014 after the housing market crashed, according to John Burns Real Estate Consulting.

But the growing demand and tightening supply also mean homes-for-rent are getting less affordable. Nationwide, single-family rents are up more than 13% at from a year ago, according to CoreLogic. 

“A shortage of single-family properties available for rent has plagued the market, pushing rents up at record-level rates,” said Molly Boesel, principal economist at CoreLogic. She noted the the number of single-family rental properties listed early this year was well below pre-pandemic levels.

Back in Mooresville, North Carolina the Murphys are watching how the market plays out. But Jake Murphy said he doesn’t believe homeownership is part of the American Dream, and is enjoying renting for now.

“I’m excited because you look around the neighborhood, there’s like Texas license plates and New York, and then we have California,” he said.

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Business

Vacation rentals across Middle East look to capitalize on ‘revenge tourism’

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Luxury Explorers has properties like Villa Botanica in the exclusive Emirates Hills, often referred to as the “Beverly Hills” of the UAE.

Luxury Explorers’ Collection

DUBAI, United Arab Emirates — In the Middle East, a new breed of high-end vacation rental firms are scrambling to meet the needs of today’s traveler — who has very different preferences post-pandemic.

The global vacation rental market — valued at $22.7 billion in 2020 — will surpass a whopping $111.2 billion by 2030, according to a Precedence Research study late last year. The research spoke of a “revenge tourism” trend with millennials and the younger generations driving growth during the first few years after the coronavirus pandemic.

According to the analysts, this is mainly driven by the rising awareness among travelers on the extra space and comfort offered by vacation rentals, not to mention, in some extreme cases, the “extras” like high-tech gyms, private cinema screens, smart home appliances, as well the services of personal attendants, butlers, and even chefs. 

One firm looking to cash in on this is Dubai-based travel agency Luxury Explorers. During the pandemic, the company saw which way the wind was blowing and took a leap into the premium holiday homes business, establishing the Luxury Explorers’ Collection in mid-2020.

The firm has properties like Villa Botanica in the exclusive Emirates Hills, often referred to as the “Beverly Hills” of the UAE. Luxury Explorers’ Collection CEO Mohammed Sultan told CNBC: “The idea really started in 2018 when we found out some of our VIP clients working with our agency were keen to spend their holidays in luxury vacation homes and villas when they travel around the world.”

“At that time Dubai didn’t have the level of premium holiday rentals that these clients were experiencing in Southern France, Italy, and Los Angeles — areas which are well developed in terms of short-stay lettings.” 

“It was then we decided to set our sights on pioneering the local market’s evolution by offering high-end properties that are not only visually stunning but at the same time rich with exclusive perks and personalized concierge services.”

Weathered the pandemic storm

The company is a notable UAE success story. It has 20 properties in Dubai — mainly big villas in prime locations or swanky apartments in iconic buildings like the soaring Burj Khalifa — and is expanding fast with five properties set to open in Mecca in Saudi Arabia, and one in Abu Dhabi. Its well-heeled clients include the very wealthy, celebrities, sports personalities, and politicians.

Meanwhile, rentals firm Maison Privee has received recognition in the Middle East with its portfolio of luxury villas, penthouses and apartments. Dubai’s Deluxe Holiday Homes also reported a 150% increase in its property portfolio last year, despite the pandemic travel lull, and short-term rental operator Kennedy Towers has spoken of solid demand in the region.

Globally, rental homes fared better than hotels during the pandemic, according to a 2020 joint study undertaken by research companies STR and AirDNA.

The study covered 27 international markets and found that while demand for both hotels and short-term rentals was badly affected by the health crisis, rentals weathered the pandemic better, primarily because of preferences for larger living spaces, full-service amenities, and the need for social distancing.  

Leading holiday home companies confirm they have indeed seen consistently high occupancy since the beginning of the pandemic. “We’ve been averaging 92% since our inception in August 2020,” Harrison Moore, managing director at Key View Vacation Homes Rental in Dubai, told CNBC.

He added: “So far in 2022 we have seen a year-on-year increase of 33% on our average daily rate. One of the main drivers for this has been Dubai being one of leading innovators when it comes to safety protocols linked to Covid-19.”

Enter hotel brands

Unsurprisingly, major hotel brands have gotten into the vacation rental game. One such venture is Marriott’s rental service called Homes & Villas by Marriott International, which now boasts rental homes in over 100 destinations.  

Marriott’s expansion into this area began after its 2018 pilot project on home rentals, called Tribute Portfolio Homes, revealed that the average guest stay was more than triple that of the typical hotel stay.

On the more budget-friendly side of things, Airbnb has also been doing brisk business in the Middle East for several years, with some Insta-ready homes for rent. These include everything from an ancient riad in Marrakesh — with a courtyard featuring an emerald green pool — to a traditional wooden chalet in the mythic mountains of Lebanon.

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Business

West Side Rag » Excelsior Hotel on West 81st Sold for Nearly $80 Million; New Owner Known for ‘Pricey Rentals’

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Posted on December 29, 2021 at 10:00 am by Carol Tannenhauser

Scaffolding shrouded The Excelsior Hotel for years.

By Carol Tannenhauser

The Excelsior Hotel, at 45 West 81st Street, has been sold for nearly $80 million to Emmut Properties, “a developer that specializes in converting buildings to pricey residential rentals,” according to the New York Post on Tuesday. The seller was Harry Krakowski.

The building is a landmark, originally opened as a residential hotel in 1922, under the name of The Hotel Standish Hall. “It became the Excelsior sometime in the 1950s,” according to Overnight New York. “Until the late 1990s, it was a congenial budget hotel with layers of old paint on the walls, simple furniture and $75 rooms. It also had a terrific old-fashioned coffee shop ($2.25 for pie and coffee) overseen by a hostess who looked like Tallulah Bankhead and wore evening gowns and marabou boas when seating jean-clad guests for bagels and eggs. The hotel received a radical redo in 1997, which moved it up-market and increased the comfort level….”

The Excelsior was a popular place to stay during the Thanksgiving holiday, because of its location on West 81st Street, one of the blocks where the balloons for the annual Macy’s Thanksgiving Day Parade are inflated. The Excelsior was also once the home of the Latin restaurant Calle Ocho, which opened there in 1998. Calle Ocho eventually moved to 2756 Broadway, at 106th Street.

Beginning around 2016, The Excelsior was used by the City to house families experiencing homelessness. In August 2016, WSR reported [the City] was “renting some rooms in this commercial hotel to help meet its legal obligation to provide shelter to homeless New Yorkers who would otherwise be turned out onto the street. Although this hotel is not being converted into a homeless shelter, DHS provides 24/7 security and on-site social services for families during their stay there.”

According to the Post, the former owner was facing financial problems that led to the sale of the hotel. “Despite being closed, the 133,000 square-foot hotel with 215 rooms has a city property tax bill of $1.3 million — with half of that due Jan. 1. And because the Excelsior failed to reopen by Nov. 1, a new city law called for the former owner, Harry Krakowski, to pay severance of $500 per week for 26 weeks for each of his employees.”

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