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This image has been archived or removed.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This image has been archived or removed.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

At Belse, the New Vegan Brewery on the Bowery

Belse, the Texas-based vegan brewery and restaurant, is now in business on the Bowery. The Lone Star State transplant – officially, Belse Plant Cuisine – takes 11,000 square-feet at 265-267 Bowery, in what was previously the fleeting home of the Paulaner Brauhaus brewery. The renovated space features three sections – a restaurant, bar, and Garden […]

East Village Artist M. Henry Jones, Contemporary of Keith Haring, Dies

M. Henry Jones, a member of the East Village arts scene for over forty years, died last week (either June 16 or 17) at the age of 65. We’re told, though unconfirmed, the cause of death was a form of cancer. Jones was a neighborhood fixture for decades, in part, because of his storefront studio […]

Under the Floorboards at Long-Vacant East Houston Lot

Bereft of substantial activity in nearly two decades, the long-vacant parcel at 49 East Houston Street is in deterioration overdrive. An eagle-eyed tipster notes that the floorboards atop the existing foundation are now busted. Creating a pseudo entryway into the cellar level. Before its demise fourteen years ago, 49 East Houston had been a one-story […]

Developer Begins Demolition of Rutgers Street Playground for Temporary Parking Lot

Demolition work began this week on a Lower East Side park that is a focal point in the tension between the community and developers on the waterfront. The backhoes are out and job now underway at Rutgers Park, the small public space beside the Lands End II residential development. Removal of the playground began yesterday, including […]

The 3 Lower East Side Walk-ups that Sold for $35M

Earlier this month, we reported that SMA Equities, the Long Island real estate firm with controversial history on the Lower East Side, sold a portfolio of its area properties. SMA unloaded three tenement walk-ups to Daniel Fishman of GAIA Real Estate – 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street – for an […]