Ace Hotel Building on the Bowery Sells for More than $30M

Posted on: March 5th, 2014 at 6:01 am by
225 Bowery is now an Ace Hotel

225 Bowery is now an Ace Hotel

That Ace Hotel coming to the Bowery, revealed here exclusively last fall (and denied by Ace), just cleared a major hurdle. The property, situated at 223-225 Bowery, finally sold to the pair of developers bringing the hotel brand to the neighborhood. Omnia Group and the North Wind Group completed the transaction on the 10-story building, according to a Real Deal report yesterday, paying more than $30 million. The hotel will boast 180 keys and a TBD condo component.

Apparently the deal had been in play since 2012, but complicated by the presence of the Salvation Army Chinatown Shelter in the ground level. The organization needed to find a new home, which reportedly happened a few months ago. So, there you have it – a utilitarian soup kitchen that served hundreds of meals a day pushed into the Boroughs for more luxury.

Meanwhile, 223-225 Bowery had concurrently been prepared for its hotel conversion. Gut renovation is underway.

The Salvation Army owned the building since 1972. With this sale, it’s no longer a force of good on the Bowery. The Bowery Mission stands all alone.

Recent Stories

Chad Marlow Resigns from CB3 After Removal from Committee Chair Position Over Liquor Density Fight

Newly appointed Community Board 3 chair Alysha Lewis Coleman stepped into controversy last week when she reportedly sacked member Chad Marlow from his post as Transportation committee chair, a seat he’s held for little more than a year and a half. And today he is completely resigning from the advisory board. The major bone of […]

‘Electrical Issue’ Sidelines Ludlow Street’s Sweet Chick Indefinitely

Celebrity-backed Sweet Chick has been closed and on the ropes for the last three days. Apparently, there were some unspecified “electrical issues,” and Con Edison came to shut down the waffles-and-chicken restaurant just before the busy rush on Friday evening. Computer printouts taped to the vestibule say the same – that it’s closed “temporarily” and […]

Twofold Rent Increase Forces Mexican Mainstay ‘El Maguey y La Tuna’ to Close

This is how the elder statesmen of the Lower East Side are treated. Pushed to the curb. El Maguey y La Tuna on East Houston Street, the mom-and-pop restaurant serving Mexican cuisine to the neighborhood since 2002, has two months to live. It’s apparently closing at the end of March. The culprit, but of course, […]

Epstein’s Bar Returned to Hell Square this Weekend After 2-Year Hiatus

Epstein’s Bar fought for its survival; now its revival is here. The nightspot reopened to the public on Friday night. More than two years after aborting operations at the northeast corner of Stanton and Allen Streets – for neighbors, a welcome relief – the longtime watering hole is finally back on track. The interim period was apparently […]

This is the 9-Story Glass Office Tower Replacing the Sunshine Cinema

With the Sunshine Cinema now dark – the theater closed for good last night – we have the first look at the monstrosity to replace it. A nine-story glass tower that boasts 65,000 square-feet of commercial office space and ground-floor retail. The New York Times has the scoop on the first rendering of the project, […]