East Houston Hotel Listed for $21 Million

Posted on: February 9th, 2012 at 6:09 am by

Despite the umpteen hotels currently in the development pipeline for the Lower East Side (Orchard Street in particular), it’s still not completely the greatest economic climate for pricey inns. Just look at the current field of play – the Allen Street Hotel is stalled indefinitely; Hotel Ludlow was only recently snapped up by the BD Hotels after years of rotting; Cooper Square Hotel sold to become the Standard East Village. And so on, and so forth. You get the idea.

The four-year-old, forty-two-room East Houston Hotel is up next, taking its place on the proverbial sales block. Listings for the investment opportunity first started appearing back in November, but without price tags. Now the news is official. Citybiz confirms that owners of the posh six-story boutique hotel at the corner of Eldridge Street are looking to unload this asset for $21 million.

What’s most alarming to us is this nugget of info:

“There are two underutilized areas of the hotel that could be repositioned to generate additional revenue, representing significant future upside,” noted [Philip] Huang. “The building’s rooftop area and basement level could easily accommodate a restaurant, bar, lounge or a combination of all three, and preliminary architectural designs for such space have been completed.”

Eastern Consolidated is marketing the sale.

Recent Stories

Sampling the Lost Cuisine Found in ‘The German Jewish Cookbook’

In our current food-obsessed culture – especially in places like New York City – it seems that we are global food citizens. We have easy access to an endless variety of restaurants and specialty food stores, which enable us to explore foods from all over the world. And we can easily watch a multitude of […]

Lakwena Brings her Kaleidoscopic Vision to the Bowery Mural Wall

The season is changing, which means another participant for the revolving door that is the Bowery Mural Wall. Earlier this week, contractors sanded then resurfaced the two-story canvas in preparation for the next artist on the docket. We are told that the latest is Lakwena, a London-based artist who specializes in colorful, “kaleidoscopic” patterns. She […]

Six Years Later, Dewey Dufresne’s ‘BYGGYZ’ Finally Opens on Clinton Street

Don’t hold your breath any longer, for the time is here. Dewey Dufresne’s sandwich shop, BYGGYZ, finally debuted on the Lower East Side. The promise is fulfilled. BYGGYZ opened at 37-39 Clinton Street yesterday afternoon for the lunchtime rush. Truth be told, it bears an old-school, albeit welcome, deli counter vibe. (The previous tenant was […]

‘Van Leeuwen’ to Open LES Artisanal Ice Cream Shop on Ludlow Street Next Month

It’s been over a year since the music died at 172 Ludlow Street. That’s when Ludlow Guitars decamped from the Lower East Side after spending seventeen years on the block. Now its former Hell Square headquarters – where the business had moved in 2010 – is to become a trendy ice cream parlor. Artisanal ice […]

‘Marm Cafe’ on Clinton Street is Kaput, Transitions to ‘Bricia’

The end of the road is here for Marm Cafe. The three-year-old corner establishment at 79 Clinton Street hasn’t been open since at least mid-August, its fate finally sealed this week with those brown paper shades. We communicated with ownership via email several weeks ago and were told that the cafe was actually on holiday. […]