Airbnb has been revealed as the surprise buyer of 281 Park Avenue South, the ornate Beaux-Arts landmark in Manhattan once famously linked to con artist Anna Sorokin. The short-term rental company paid $81.5 million for the 42,500-square-foot property, marking its first real estate purchase in New York City and a significant commitment to a market that has, paradoxically, all but shut its doors to the company’s core business.
The Wall Street Journal first reported the sale, and Boston-based Beacon Capital Partners is partnering with Airbnb on the acquisition, according to a source familiar with the deal. Newmark’s Adam Spies and Joshua King represented Airbnb in the transaction. The building will help house Airbnb’s workforce of more than 600 employees in the New York area, making it one of the company’s largest employee hubs outside of San Francisco.
“This building reflects our long-term commitment to the city and will be home to one of our largest employee hubs outside of San Francisco,” Airbnb CEO Brian Chesky told the Journal.
The purchase is remarkable given the company’s fraught history with New York City. Airbnb was largely wiped out of the five boroughs when Local Law 18 was enacted in 2023, which imposed strict registration requirements on short-term rental hosts. Listings plunged by roughly 90 percent after the law took effect, decimating what had been one of Airbnb’s largest U.S. markets. The company spent nearly $4 million during the 2025 election cycle backing City Council candidates and other political allies in an effort to ease the restrictions, but progress has been limited.
In 2024, fierce opposition from the hotel industry, tenant advocates, and the influential Hotel and Gaming Trades Council helped derail one legislative push to ease the short-term rental rules. More recently, City Council committee chairs blocked a proposal to temporarily suspend short-term rental regulations ahead of the World Cup coming to New York, dealing another setback to the company’s advocacy efforts.
Despite those headwinds, Airbnb is putting down permanent roots at 281 Park Avenue South. The building, constructed in 1894 as the Church Missions House, has had a colorful history. RFR’s Aby Rosen purchased it for $50 million in 2014. RFR initially struggled to lease the property until the Swedish museum Fotografiska took the entire space in 2017, though the museum departed last year. Rosen attempted to sell the building in 2022 for $135 million, but a deal never materialized.
The building gained widespread notoriety through its association with Anna Sorokin, who under the alias “Anna Delvey” attempted to lease the property in 2017 and turn it into a private club modeled on Soho House. Sorokin pitched the project at an estimated cost of more than $40 million and attempted to secure a $22 million loan from Fortress Investment Group. She was ultimately acquitted of the specific charge related to the fraudulent loan attempt but was convicted on broader larceny and fraud charges.
For Airbnb, the acquisition represents a physical anchor in a city where its operational presence has been dramatically curtailed. The company currently leases office space elsewhere in New York, but owning a building sends a different signal — one of permanence and political confidence, even as the regulatory environment remains hostile to its primary business.
The purchase also comes at a time when Manhattan’s commercial real estate market is showing signs of uneven recovery. Office vacancies remain elevated in many submarkets, but trophy properties in desirable locations continue to command premium prices. The $81.5 million price tag represents a significant discount from Rosen’s original $135 million asking price, suggesting Airbnb and Beacon Capital may have secured a favorable deal on a distinctive asset.
Whether the office purchase signals a broader strategy to rebuild Airbnb’s presence in New York — or simply provides a headquarters for a workforce focused on advocacy and other markets — remains to be seen. For now, the company is investing in a city that has shown little willingness to welcome back its core business.
The purchase also raises questions about the evolving relationship between technology companies and the cities where they operate. Airbnb’s decision to buy rather than lease suggests a long-term commitment to New York, even as the regulatory environment remains hostile. The company employs more than 600 people in the area, and the new office will provide a permanent home for that workforce. For a city that has been working to attract and retain technology employers, the investment is a positive signal, even if the company’s core business model remains at odds with local housing policy.
The building itself, with its ornate Beaux-Arts facade and storied history, presents an interesting contrast with Airbnb’s technology-driven platform. The 1894 structure, originally built as the Church Missions House, has survived multiple iterations of Manhattan’s real estate market and will now house one of the companies that has most disrupted the traditional hospitality industry. The juxtaposition of historic architecture and disruptive technology is fitting for a building that has already weathered more than a century of change.
The $81.5 million price tag also provides a data point for the Manhattan office market, where values have been under pressure since the pandemic. At approximately $1,917 per square foot, the purchase price reflects the premium that trophy properties in desirable locations continue to command, even amid broader uncertainty in the commercial real estate sector. The discount from Rosen’s original $135 million asking price — a reduction of nearly 40 percent — illustrates the gap between seller expectations and market reality for even the most distinctive properties.
For Aby Rosen and RFR Realty, the sale closes a chapter on a property that proved more challenging than anticipated. RFR acquired the building for $50 million in 2014, invested in its restoration, and eventually landed Fotografiska as a tenant before the museum’s departure left the property vacant again. The net gain of approximately $31.5 million over the 12-year hold period represents a modest return for a property that once seemed destined for a higher price tag.
Sources: The Real Deal New York, Wall Street Journal, The Real Deal – NYC Short-Term Rental Rules
