East Houston Hotel Listed for $21 Million
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.