Ian Schrager Purchases 215 Chrystie Hotel Site for $50 Million

Posted on: December 28th, 2012 at 12:08 pm by
This image has been archived or removed.

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:

This image has been archived or removed.

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

Doughnut Plant Heads to Saudi Arabia with Latest Expansion

After surviving a three-month, pandemic-induced closure in the latter half of 2020, Doughnut Plant is pushing its business model forward. And once again, expanding overseas. The Riyadh, Saudi Arabia locale marks the eighth iteration for the Lower East Side born empire (if you count the Japan outpost), and the first for the Middle East. And […]

‘Crab du Jour’ Hoists New Signage Above Grand Street

In case you missed the small-time signage on Grand Street, Crab Du Jour is now making its presence known. The seafood chain announced its arrival on the Lower East Side in early January, but only now are the pieces really falling into place. It takes the spot left vacant by La Flaca last summer after […]

‘The Orchard Room’ is the Max Fish Replacement on Orchard Street

The Max Fish replacement on Orchard Street has an identity and pseudo opening date. The Orchard Room. According to its Instagram account, this weekend is launch. Behind the establishment are a collection of investors including the landlord and elements of the 29Monroe nightlife hospitality company. It promises “groovy vibes” and probable headaches for neighbors. Opposition […]

Cuomo Says You Can Finally See Movies Again in the City Starting Next Week

Governor Cuomo yesterday announced that movie theaters across the Five Boroughs can return from their nearly-year-long stint on the pandemic sidelines. Albeit with limited capacity. Starting one week from Friday (March 5), theaters can finally reopen their auditoriums, yet operate at 25-percent of maximum capacity, capped 50 people per screening. Masks and assigned seating for […]

Schumer Stumps for Restaurant Relief at Dirt Candy on Allen Street

Senator Chuck Schumer sure loves the Lower East Side as backdrop for pushing his restaurant relief legislation on Capitol Hill. On Sunday afternoon, the Senate Majority Leader stumped at vegan eatery Dirt Candy on Allen Street, where he said 92-percent of city restaurants could not afford December rent and that many likely won’t survive another six […]