Ian Schrager Purchases 215 Chrystie Hotel Site for $50 Million

Posted on: December 28th, 2012 at 12:08 pm by

215-chrystie-lot

Bad news arrives in all forms, and today it’s Ian Schrager of Studio 54 fame. The boutique hotelier just purchased the highly-controversial land at 215 Chrystie Street for $50 million, reports the Wall Street Journal.

As previously reported, this empty swath of land across from Sara D. Roosevelt Park is already slated for a 25-story mixed-use development. The hotel portion will occupy the first seventeen floors with the remainder earmarked for market rate residential. There will be a total of 376 keys. Early diagrams illustrate the tower as such:

215-chrystie-blueprint-1

The tenant association of neighboring 10 Stanton Street was 100% in favor of the hotel before the change in ownership, given their arrangement to sustain the affordable housing. As an apparent “good faith” gesture (or strongarming tactic), the landlord had struck a binding agreement with regulated tenants there that ensures affordability for the next two decades. However, barring any legal blockades posed by latecomer Sperone Westwater Gallery, who has resorted to its own NIMBY tactics, this shadow-casting tower will happen.

Schrager’s new finger building will reportedly fall under his new Public brand, “which is designed to beavant-garde but less expensive than many boutique hotels.”

Recent Stories

Traipsing Around Town with Ugo Rondinone’s ‘I ♥ John Giorno’

Imagine having been part of the Beat Generation and Pop Art era. You could go to a phone booth (remember those?) and dial a poem; You could be filmed by Andy Warhol for hours – while sleeping; You might even be neighbors on the Bowery with William Burroughs. Or be a fly on the wall, […]

Someone Trashed the Blueprints for the Ace Hotel Bowery on the Sidewalk

Trash is sometimes treasure. Everyone knows that 225 Bowery is to become the newest Ace Hotel in the stable. However, the company never officially confirmed their intentions here. Even as the transformative construction work atop the building proceeds. Well, official blueprints trashed on Chrystie Street late Tuesday night all but confirm this. We had received […]

Essex Street Light Poles are Now LED-Equipped

The lighting scheme along Essex Street is presently undergoing a complete shift to more modern technology. That warm glow is now replaced with the blinding antiseptic flood of LED. The Department of Transportation has begun swapping the infrastructure, and at least four new poles are now installed. We caught this crew hoisting one into place […]

Local Band Responds to Arrest and Taser Incident at Orchard Street Block Party

By now you’ve probably seen the footage of cops arresting two musicians during a performance on Orchard Street Thursday evening. It was an event organized by The Cast as part of the “Make Music New York” program. During one of the evening sets, patrolling police from the 7th Precinct stopped by, resulting in a tense […]

Block Party at The Cast on Orchard Street Broken up with Aggressive Arrest [VIDEO]

An afternoon of music on Orchard Street was interrupted yesterday evening with two aggressive arrests. Rock-n-roll leather shop, The Cast, hosted its annual street party for “Make Music New York” that included performances by eight bands on Orchard Street, between Grand and Broome. The event began at noon, but by dusk, it was broken up, albeit temporarily, by police […]

  • emily

    Across the street from the filthiest park in the LES. Ian’s high rolling guests will be in for a shock.