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