Kensico Properties, led by Nabil Chartouni, filed plans to convert its 21-story office building at 509 Madison Avenue in Midtown into a 30-story hotel with 96 rooms, lobby, amenity spaces, and ground-floor retail. The project would displace current office tenants, including Banyan Tree Capital Management and Yellowstone Capital Partners. Kensico previously attempted to sell its leasehold in 2017 but retained it. If approved, the new hotel would compete with nearby luxury properties such as the Omni Berkshire Place and Lotte New York Palace.
Kensico Properties
