Stalled Allen Street Hotel Sells in Auction for $30.75M; Moinian Father and Son Now Own Hotels Here

Posted on: May 11th, 2016 at 5:11 am by
This image has been archived or removed.

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.

Recent Stories

Claw Money Closes Delancey Street Boutique

Street artist Claw Money recently closed down her Delancey Street store. Now encased in plywood shed, the space is undergoing renovation. And joins the litter of other commercial vacancies at 101 Delancey. Indeed, the handful of divided storefronts comprising 101 Delancey went under the knife nearly a decade ago, and largely remained dormant. Except for […]

Happy Ending for the Good Luck Spa as it Reopens on Orchard Street

The good luck is back, as the Chinatown spa of same just reopened. You’ll recall that the Good Luck Spa on Orchard Street fell victim to a police sting last month, and was busted for prostitution. The proverbial happy ending treatment for customers. The business only remained closed for a minute, and was back at […]

Carbon Monoxide Leak at Broome Street Bodega Sickens 5 People

Carbon monoxide levels spiked at a Broome Street bodega early yesterday morning, sickening five people. The purported gas leak happened at the Optimum Gourmet Deli on the ground floor of 243 Broome. Firefighters rushed to the store at 7:40am. Five were sickened by the elevated gas in the air, including one who was seriously hurt. […]

Discover Opportunity with Manhattan Charter Schools [Sponsor]

We, the Manhattan Charter School for Curious Minds, are two small public elementary schools educating children in grades Kindergarten through 5th. We believe in the importance of an intimate learning environment and are committed to offering a well-rounded education designed to help students develop critical thinking and problem-solving skills. There are never more than 25 […]

Art Basel Banana Surfaces on Essex Street

Not since Velvet Underground has a banana polarized so. You may have seen the viral story about the banana fastened to a wall at Art Basel fetching $120,000 in the name of “art.” Back home on the Lower East Side, the locals have added their two cents about Maurizio Cattelan’s work (known for the golden […]