Garden City Hotel For Sale

The Garden City Hotel's owners, the Nelkin Family, have announced they are seeking new owners of the property. Myron Nelkin, who built the hotel, passed away in July.

The present day hotel is actually the fourth Garden City Hotel. The original was built in 1874 by Alexander Turney Stewart, Garden City's founder, as the focal point of his new community.

Myron Nelkin opened the present day building in 1983. The previous building, which had opened in 1901, had hosted many notables including President and Mrs. Kennedy. One of the most notable visitors, Charles Lindbergh, slept there in 1927 on the night before his trans-Atlantic flight.

In 1971 the hotel closed and was subsequently torn down. It wasn't until 1983 that he new hotel was opened its doors to great fanfare. For many of those intervening years the property was empty, save for a partially dug foundation, due to bankruptcy proceedings of the prior owner.

The property is being represented by Cushman and Wakefield, and has an assessment of $37 million. According to a statement from the hotel, the Nelkin family is seeking a purchaser who can continue to run a luxury hotel. "We are looking to a new and exciting beginning for The Garden City Hotel that builds on an enviable history and impressive strengths. We are poised for continued success and taking steps to optimize it," says Patrick Smalley, executive vice president of The Garden City Hotel, who serves as chief business manager and advisor on property strategies, hotel operations, sales and marketing, and finance.