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

Posted on: March 5th, 2014 at 6:01 am by

This image has been archived or removed.

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

‘Bonsai Kakigori’ Dessert Shop Opens on Stanton Street this Week

For Bonsai Kakigori, the three-month buildout period is hastily concluding. The Japanese dessert shop is planning to open its doors to Hell Square this weekend. Co-founded by Gaston Becherano and Theo Friedman, Bonsai Kakigori is a sweets spot centered around the history and culture of the namesake dessert (with roots that date back to the […]

‘Green Roofs’ Are Now Mandatory in New York City

It’s not easy bein’ green, but if you’re a developer, that may become the norm going forward. Capitalizing on the halo of Earth Day, City Council last Thursday passed the Climate Mobilization Act, a sweeping suite of measures aimed at reducing greenhouse gases released from buildings around the city. The carbon emissions package includes three […]

Demolition of Sunshine Cinema is Underway

We were warned this would happen. A year ago, in fact. In that time, vomit-inducing renderings teased the future of the once-beloved Sunshine Cinema. That of a commercial tower. And now the inevitable is upon us. Scaffolding was erected in front of the movie house last week, signaling the beginning of demolition activity. Permits to […]

Uplevel Your Art Game: Superfine! Art Fair in Soho May 1-5 [SPONSOR]

Punk rock spirit meets art market innovation at the third annual Superfine! Art Fair at 107 Grand Street in SoHo, from May 1-5. Not just any other art fair, Superfine! is a place of discovery. Hand-curated by art collector power couple James Miille and Alex Mitow, expect top emerging contemporary art in a friendly, welcoming […]

Shooting on Rivington Street Last Night

There was reportedly a shooting on Rivington Street last night near the corner of Pitt. An eyewitness living in the vicinity tells us that, at about 9:53pm, three shots were fired outside the Rivington Foods bodega. According to unconfirmed reports on the Citizen app, the victim was hit in the right arm and stomach. The […]