Ian Schrager Purchases 215 Chrystie Hotel Site for $50 Million

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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:

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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.”