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

MASSEY KNAKAL RETAINED EXCLUSIVELY TO SELL BOUTIQUE HOTEL OPPORTUNITY WITH MIXED-USE BUILDING AND CO

05/03/2012

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of a partially completed upscale boutique hotel, which is a block-through property from Orchard and Allen Streets on the Lower East Side, along with an adjacent mixed-use building and corner lot. The properties are located 139-141 Orchard Street, aka 138-140 Allen Street, and 77 & 79 Rivington Street.

This is a rare opportunity to complete the development of a 16-story, 98-key hotel with amazing permanently unobstructed views. The ground floor will be occupied by the hotel lobby with the entrance on Allen Street and the potential for multi-level integrated food and beverage or retail with almost 200 feet of frontage on Rivington, Orchard and Allen Street in the Lower East Side. The cellar, which extends under 77 and 79 Rivington, has high ceilings which could accommodate events. The hotel features spectacular city views from the upper floors, and has the potential for a roof top lounge.

Located on Rivington Street between Allen and Orchard Streets, there is also a five-story mixed-use contiguous walk-up building which has 16 residential rent stabilized units and one vacant retail store that represents tremendous upside. The ground floor retail space at 79 Rivington and the contiguous vacant lot located at 77 Rivington Street could be combined to enlarge the food and beverage space of the hotel. This is an excellent opportunity for an investor or developer looking to complete a boutique hotel to expand their presence into the New York City market.

For more information on this listing, contact Massey Knakal Partner James Nelson or Director of Sales Michael DeCheser at 212.696.2500. 

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.

www.masseyknakal.com

05/03/2012 - 14:19

Source

Cushman & Wakefield Capital Markets Group New York

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