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

Photo: Splitsville Bowling
‘Splitsville’ Luxury Lanes Confirmed as Essex Crossing Bowling Alley in Site 1

A subterranean bowling alley is coming to Site 1 of Essex Crossing. That much has been known for years. But the identity of the establishment is not Bowlmor, as previously believed. Instead, it’s a “boutique” affair by retro-style bowling brand Splitsville Luxury Lanes. According to the scoop in the Daily News, Splitsville will occupy 17,000 […]

conbody-workout
Prison Cell Bootcamp Studio ‘ConBody’ Debuts at 38 Delancey Street

This cleaned-up con artist sure has a workout for you. Coss Marte – a former drug dealer who served four years of a seven-year sentence – returned to his native Lower East Side to open a new workout studio. CossAthletics debuted a couple months ago inside the condoplex at 38 Delancey Street (2nd floor) and immediately […]

crg-gallery-chrystie
Chelsea’s CRG Gallery is Moving to Chrystie Street Next Fall

It’s a total cliche at this point. Small Chelsea gallery wooed by the Lower East Side packs up the showroom and moves. This narrative has been repeated time and again the last decade. The latest art house to hop onto this proverbial bandwagon – CRG Gallery. CRG Gallery will soon reopen in 195 Chrystie Street. […]

Lou Reed
Talking CBGB, Punk, and Warhol with Photographer Bobby Grossman [INTERVIEW]

Most of my friends know that I’m a New York City history freak. I’ll probably annoy you when I walk down the street telling you the history of some random tenement on the corner of some random street in the LES. Lately, though, I’ve found myself reading numerous books on the 60s/70s/80s NYC music scene, […]

Photo: NYC Municipal Archives
On the Ground 7 Years Before the Essex Street Market Became a Reality [PHOTOS]

In the coming years, each of the Essex Street Market buildings will fall to accommodate the new Essex Crossing mega-project. The facility was built seventy-five years ago to move the plethora of pushcarts indoors. The archival photo is dated sometime in 1933, seven years before the one-story commercial buildings were constructed by order of Mayor LaGuardia. […]

  • emily

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