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

girls-bowery
HBO’s ‘Girls’ is Filming on the Bowery Today

Lena Dunham and the Girls crew will be filming scenes in and around the Bowery today. The shoot is to capture scenes for the upcoming fourth season of the hit HBO series. Laminated signs mark the territory, lining the west side of the Bowery and bending around to Kenmare Street into Little Italy. Season 4 […]

trainwreck-judd-apatow
Filming ‘Trainwreck’ with Judd Apatow & Amy Schumer on Orchard Street [PHOTOS]

Director Judd Apatow and the Trainwreck team pitched camp at the northeast corner of Orchard and Grand Streets yesterday afternoon. Right outside Sheila’s Decorating. The scene in question was an exterior “intersection” sequence shot near the entrance to Jodamo (of Pink Building fame). This was the second time in a week that production transpired on […]

volang-orchard-closed
Volang Boutique Shutters After 4-Year Tenure on Orchard Street

A few weeks shy of its fourth anniversary on the Lower East Side, women’s boutique, Volang, packed up and left. We passed 147 Orchard Street yesterday afternoon to find the store a ghost town. There are no updates via social media or website announcement, and the phone line is “not accepting calls at this time.” […]

melani-pizza-1
Hakki’s Rivington Pizza Parlor Renamed ‘Melani Pizza’; Full Liquor License Sought

Hakki’s “famous” World Champion Pizza at 170 Rivington Street is no longer in the Lower East Side game. Within the last few weeks, the store seemingly changed hands, and currently carries a new identity. The parlor is now called Melani Pizzeria. The store itself underwent some change as well, including a major cleanup and better dining […]

black-scale-prince
Black Scale is Moving Its Flagship to 4 Prince Street

The Black Scale flagship boutique at 296 Elizabeth Street is reportedly moving to the Bowery. More precisely, to the embattled eastern fringe of Prince Street, which has seen its fair share of retail turnover the last couple years. We are told the Black Scale streetwear brand will soon re-launch inside the old Seasonal Whispers store […]

  • emily

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