Airbnb has completed the acquisition of 281 Park Avenue South, the historic Church Missions House in Manhattan’s Gramercy neighborhood, in a transaction reported at $81.5 million. The seller in the deal was RFR, transferring ownership of the six-story property to the short-term rental platform. The purchase represents a notable move for Airbnb, marking the first time the company has bought a property in New York.
The acquisition comes in a market where New York City has tightened rules on short-term rentals, including a 2021 law that further restricted such activity. Against that backdrop, Airbnb’s purchase of a single, sizable building signals a different type of real estate commitment in the city, distinct from its core online marketplace model.
According to reporting by The Wall Street Journal, Airbnb already maintains leased offices in Lower Manhattan and is adding 281 Park Avenue South as a larger gathering space for its workforce. The building totals approximately 42,000 square feet and is expected to function as an expanded hub for employees rather than as a short-term rental asset.
Airbnb employs more than 600 workers in the New York area, and the company appears to be positioning the Gramercy property as a key node in its workplace footprint. The transaction also adds a historic, architecturally distinctive asset to Airbnb’s limited owned real estate portfolio, contrasting with its usual reliance on third-party hosts and leased space.
CEO Brian Chesky framed the purchase as a strategic and cultural investment in the city. He noted that New York City has been part of Airbnb’s story since its early days and described the Church Missions House as a reflection of the company’s long-term commitment to the market. Chesky said the Gramercy building will serve as one of Airbnb’s largest employee hubs outside of San Francisco.
Chesky also emphasized that the company plans to continue investing in New York and in the people who live and work there. While specific plans for the interior program or any renovations were not disclosed, the acquisition underscores Airbnb’s intention to maintain a substantial, long-term physical presence in the city alongside its existing leased offices.
