Stalled Allen Street Hotel Listed for $28 Million
It’s the moment you’ve been waiting for – when can you finally get your hands on a stalled-out, hex of a hotel on the Lower East Side? Massey Knakal has the answer in a recent listing. Yup, the beleaguered Allen Street Hotel is back on the market. The saga continues…
Before we jump in, the short, short version: Since being foreclosed upon last year, the towering concrete mess has been a barren wasteland and favorite target for ambitious street writers on all fronts. But this stop-start agenda is par for the course here at the Allen Street Hotel, which initially broke ground way back in 2008 and sat dormant during the downturn. Indeed, it wasn’t until November 2010 and the subsequent arrival of heavy-duty construction equipment that this project site showed any signs of life. Three months later, the sixteen-story eyesore was capped and left for dead.
Misrahi first listed the hotel pre-foreclosure for a sum of $39 million in cash. Now it’s Massey Knakal’s turn. The brokerage just slashed the price to $29 million. But wait; act now, and you’ll also receive 77 and 79 Rivington (office for Christine Chin Spa) as part of the deal. Full details below:
This is a rare opportunity to complete the development of a sixteen story, 98 key hotel with amazing permanently unobstructed views. The ground floor will be occupied by the hotel lobby and the potential for multi-level integrated food and beverage or retail with almost 200’ of frontage on Rivington, Orchard and Allen Street in the Lower East Side. The cellar, which extends under 77 and 79 Rivington, has high ceilings which could accommodate events. The hotel features spectacular city views from the upper floors, and has the potential for a roof top lounge.
Located on Rivington Street between Allen and Orchard Streets, there is also a 5 story mixed-use contiguous walk-up building which has 16 residential rent stabilized units and one vacant retail store that represents tremendous upside. A ground floor at 77 Rivington and a contiguous vacant lot located at 79 Rivington Street could be combined to enlarge the food and beverage space of the hotel. This is an excellent opportunity for an investor or developer looking to complete a boutique hotel to expand their presence into the New York City market.
Rare opportunity? No no…more like doomed.