Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Hotel Building On The Bowery Sold by Massey Knakal

05/17/2012

Massey Knakal Realty Services is pleased to announce that Senior Vice President of Sales Robert Burton has sold 218-220 Bowery. Formerly known as the Prince Hotel, the building is located between Spring and Prince Streets in Manhattan’s SoHo neighborhood. The building sold in a transaction valued at $11,000,000.

The 50’ wide, four-story, fireproof building has eight remaining SRO tenants on the second floor and the popular R Bar on the ground floor. In addition to the 17,000 existing square feet, 13,000 square feet can be added as of right to bring the building to 30,000 square feet.

Alessandro Zampedri, a world-renowned Italian race car driver, purchased the building with Andrea Venturelli, an Italian associate. Zampedri, along with his hospitality partner, Sanford Kunkel, have been operating The Bowery House, a cutting-edge, affordable hotel concept on the upper floors for the past nine months after an extensive capital improvement campaign. Since its inception, the hotel has been a financial success in the budget-starved hamlet of SoHo as well as a critical success in international design circles.

On the retail level, Zampedri and Kunkel will operate The Bowery Kitchen - an innovative restaurant/cafe with Northern Italian specialties - slated to open this summer. On the rooftop of 220 Bowery, The Bowery House also operates a 4,000 square feet landscaped garden available for private events.

“Previous owner Joey Grill, owner of Click Modeling Agency, worked diligently over the last 10 years to legally vacate and improve the building. Young professionals and talent in theatre, modeling, film and television face many challenges when pursuing a career in NYC, his concept was to offer these individuals an affordable place to stay upon arrival in NYC.  Joey is delighted that Alessandro and his team are continuing the development of that concept,” said Robert Burton who exclusively handled this transaction. Mr. Burton has completed over $500 million dollars in transactions including 231 Bowery, 199 Bowery (formerly owned by the same owner of 218-220 Bowery), 180 Bowery, 114 Bowery, and most recently the lot at 197-199 Mott Street, the site of a future boutique hotel.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

05/17/2012 - 08:49

Source

Cushman & Wakefield Capital Markets Group New York

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