Stalled Allen Street Hotel Sells in Auction for $30.75M; Moinian Father and Son Now Own Hotels Here
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After a drawn-out foreclosure process wrought with drama and years sitting vacant, the sixteen-story Allen Street Hotel is finally under new ownership. The properties comprising 139-141 Orchard Street sold in auction yesterday to real estate tycoon Morris Moinian and his partner Morry Kalimian of Elk Investors.
The duo paid $30.75 million for the eyesore, and plans to finish the project within twelve to sixteen months, according to the Real Deal.
Like father like son. Indeed, with this high-profile purchase, both father and son now maintain a hotel on the block. Nico Moinian constructed the the eleven-story Orchard Street Hotel just up the block, itself a troubled property years in the making.
The Allen Street Hotel snuck onto the scene in the eleventh hour before the 2008 zoning took hold, and slyly ascended sixteen stories. Three years later, owner-developer D.A.B. Group allegedly ceased the necessary mortgage payments, and the property slipped into foreclosure. A messy set of bankruptcy proceedings followed. Today, as it stands, the construction is little but a skeletal superstructure that contributes nothing to the block.
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