After more than three decades of owning the Garden City Hotel, the Nelkin Family is selling it to a Manhattan real-estate developer, reports Newsday.
Patrick Smalley, the hotel's executive vice president and managing director, told the publication Wednesday that the deal is expected to close within 90 days but did not reveal the selling price of the 280-room, nine-floor hotel located on Seventh Street.
The Nelkin family purchased the property in 1979, renovated it and re-opened it in 1983, according to Long Island Business News.Fortuna Realty Group of Manhattan.
In a statement released to the press, Smalley said:
"The Nelkin family and I not long ago concluded that we had achieved all of the goals we set out over the past several years and determined that after three decades the time had to come pass the stewardship of this iconic hotel on to others."
It will be up to the hotel's new owner to determine whether its roughly 300 employees remain on staff.
What do you think about the Nelkins decision to sell the Garden City Hotel? Tell us in the comments section below.
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