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

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