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This image has been archived or removed.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This image has been archived or removed.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

New Condos Teased at 15-Story ‘One Essex Crossing’

Each month brings more significant updates for Essex Crossing. On the heels of the International Center of Photography launching its new flagship, the billion-dollar Lower East Side development this week rolled out more info about the CetraRuddy-designed condo tower at 202 Broome Street (aka Site 3). Dubbed One Essex Crossing, the fifteen-story newcomer features 83 […]

Broome Street Gets an Exclusive Nightclub by Omar Hernandez

Where Happy Ending once tormented this Broome Street block, and Better Days was anything but, something uber-upscale is now replacement. Perhaps even too upscale for its own good. By now you’ve probably seen the well-placed hype pieces about the newest nightclub at 302 Broome Street, led by nightlife impresario Omar Hernandez. He converted the space […]

Ten Injured, Including Firefighters, in Massive Mulberry Street Blaze Last Night [Updated]

The three-alarm blaze that engulfed 70 Mulberry Street last night spread quickly, destroying the upper levels of the historic Public School 23. The fire started shortly after 8:45pm on the fourth floor. Firefighters from Ladder 20 and police from the 5th Precinct were the first responders. More than two hundred fire personnel ultimately arrived to […]

3-Alarm Fire Engulfs PS 23 Building on Mulberry Street

Shortly before 9pm this evening, a three-alarm fire was sparked at 70 Mulberry Street (at Bayard). Within minutes, the historic building – erected in the nineteen century as Public School 23 – was in flames. More than one hundred firefighters were called to the scene to battle the blaze which is apparently confined to the […]

The Year of the Rat Scurries In

It’s the Year of the Rat! This week marks the 21st year of New York City’s Lunar New Year celebration, and no doubt the organizers are scurrying around in preparation for a veritable smorgasbord of festivities. As in years past, the festivities will kick off with the explosive Firecracker Ceremony Saturday morning at 11:00am (January 25) […]