End of an era as Morgans closes ahead of apartment conversion

George Sell By George Sell
29 June 2017 | Updated 29 June 2017

US: The Morgans Hotel in New York, widely regarded as the first boutique hotel, has closed and will be converted into high-end micro apartments.

Ian Schrager and former business partner Steve Rubell renovated the building at 237 Madison Avenue in 1984, with French designer Andrée Putman. With the first in the Morgans chain, they were credited with starting the boutique hotel movement.

Last week, Schrager posted an image on Instagram of himself and Rubell at the opening of the hotel, captioned: "Steve and I introducing the first boutique hotel to the world. It started everything, sad to see it close today."

The 1927 building, designed by architect Andrew J Thomas, is now being converted by real estate agency Kash Group and investment firm Shel Capital. The companies are are finalising a $41 million deal for the 17-storey, 117-room hotel, according to The Real Deal.

They plan to turn the building into 90 condos, with hotel rooms or corporate housing spanning three lower floors, and a restaurant at ground level.

Each of the homes will measure just 300 to 325 square feet (28 to 30 square metres) and cost between $700,000 and $750,000 (£540,000 to £580,000).

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