With Kushner Likely Out, Hotel on Rivington Listed for $70M

Posted on: June 24th, 2019 at 5:00 am by

It would appear that Kushner Companies is no longer under contract to purchase the Hotel on Rivington. The firm had entered into an agreement to acquire the twenty-story glass eyesore last November for $65 million.

Six months later, the real estate firm filed a complaint in New York Supreme Court demanding that hotel ownership (Paul and Rena Stallings) return the $2.2 million deposit due to an alleged breach.

And now, listings for the Hotel on Rivington are appearing on Craigslist, of all places. Team Stallings has upped the asking price to a handsome $70 million to own this “trophy” property.

The broker-babble champions the purported $3.6 million profit last year, and also notes that the fourteen-year-old hotel is being sold as a blank identity. Without a so-called “flag name.” There are also suggested improvements to “add more value to the hotel,” such as “adding retail stores on the ground floor” or “[increasing] the number of rooms by making some rooms smaller.”

The Hotel on Rivington arrived in 2005 – developed at a cost of $32 million – and was the talk of the town. It’s now a hot potato, so to speak, given its contentious relationship with the surrounding Lower East Side community. Something not mentioned in the listing. In years past, the lodge has led the 7th Precinct in overall 311 noise complaints

Recent Stories

Whole Foods Hogs Sidewalk with Amazon Prime Now Delivery Bike Fleet

The Whole Foods on the Bowery thinks it owns the sidewalk. Just look to the entrance, where a gaggle of delivery bikes, with long flatbeds hitched, are parked awaiting parcels. It even wraps around onto the Bowery. This is the fleet of vehicles whose sole purpose is fulfilling Amazon’s Prime Now delivery service. The sidewalk […]

Someone is Growing Corn Stalks on Delancey Street

Talk about farm to table… A guerrilla farmer is growing corn on Delancey Street, but you wouldn’t necessarily notice on first passing. The decrepit flower box outside the Allen Mall Bathhouse on Delancey Street is chock full of plantings. And the growing glut of crap behind it keeps you away. Gaze there, though, and you’ll […]

Rivington House Sells to Mystery Buyer for $160M

The saga of Rivington House continues this week with news of its sale. Indeed, three years after Slate Property Group, China Vanke Co., and Adam America Real Estate together purchased the property, the ownership team is cashing out. Price paid for the real estate was $116 million; sale price is $159.6 million. For the moment, […]

Report: Tenant Files Lawsuit Over Alleged Roach Infestation at 261 Broome Street

A new tenant at 261 Broome Street filed a lawsuit against the landlord, claiming that an alleged roach infestation forced her to leave after only four days on-premise back in June. The complaint, filed this week in Manhattan Supreme Court by Julia Perry, alleges that the infestation was so severe that the critters even found […]

‘Douzo’ Sushi Opens on Delancey Street

Two years after the closure of Berkli Parc, the southwest corner of Allen and Delancey Streets is finally active again. The plywood shed was recently removed to reveal terra-cotta marquee and identity of the next tenant – Douzo. For the new venture, Sushisamba veteran Koji Kagawa teamed up with Chatchai Huadwattana of the Chace Restaurant […]