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Manhattan's Iconic Hotel Chelsea Up For Sale

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The iconic Hotel Chelsea -- located in the heart of downtown Manhattan and once home to a number of legendary writers, artists and musicians -- is up for grabs.

The building's 15 shareholders, put the historic 12-story building on the market, after determining it would be too challenging to bring the hotel and apartment building up-to-date. Officials say the cost of the improvements could apparently run up millions of dollars.

The building, located on West 23rd Street, boasts nearly 200,000 square feet and features 125 hotel rooms and 100 rental apartments some of which are reportedly under rent regulations. However, since the building is being put up for sale, the tradition of granting artists less rent to help with their careers, may be something of the past.

The building's board announced its intent to sell it on Tuesday. The board says it hopes "a new owner would re-energize and revitalize the Chelsea Hotel."

Hotel Chelsea opened its doors in 1884 as one of the city's first-co-ops. It has since been the home to several world-renowned artists including Bob Dylan, Andy Warhol, Arthur Miller and Eugen O'Neil. It was declared a landmark in 1966 and a city cultural preservation site and historic building of note.

The hotel has been owned and operated for nearly 65 years by the same controlling families.

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