Hotel Developer Ian Schraeger Buys 215 Chrystie Street For $50 Million

215 Chrystie Street.

The Wall Street Journal reports that boutique hotel developer Ian Schraeger is leading a group of investors who have just bought a vacant lot at 215 Chrystie Street.  The previous owner of the site, Ruby Schron, sold the development parcel for $50 million. The move came just 10 days after the city’s Board of Standards and Appeals approved a 25-story hotel project on the lot at Chrystie and Stanton streets.

As we’ve previously reported, the hotel would occupy the first 17 stories of the building. The top floors would be reserved for luxury apartments.  More from Journal reporter Eliot Brown:

The timeline for the new building just south of Houston Street is unclear, and Mr. Schrager and his partners will likely need to line up additional financing before they can break ground.  But a real-estate executive familiar with the plans said the developer intends to make the hotel part of his new brand called Public, which is designed to be avant-garde but less expensive than many boutique hotels. A prior deal to build an inaugural New York hotel for the brand near Herald Square fell apart.

In September, Community Board 3 voted to support the application before the Board of Standards and Appeals.  Under normal circumstances, many CB3 members would have balked at endorsing a 376 room, 274 foot-tall hotel in the hotel-saturated Lower East Side.  But Schron, who owns 10 Stanton Street, the adjacent affordable housing complex, agreed to extend his government contract for two more decades in exchange for the community’s support. The Journal story noted that Schron and company bought a 99% interest in 10 Stanton and 215 Chrystie in 2005 for just under $10 million.

In October, we reported that the Sperone Westwater Gallery, 257 Bowery, is strongly opposed to the hotel plan because the new tower would block its light.  The gallery plans to file a lawsuit next month to stop the project.



Morning Reads: Silver Wants Early Voting, the F-M Train Shuffle, Gallery Girls

  • Sheldon Silver introduces legislation to set up an early voting system in New York (Daily News).
  • Is it an F or an M train? At the Delancey Street Station you never really know (NYT).
  • End of Century is making the most of its “Gallery Girls” claim to fame (WSJ).
  • More on Tom Cruise’s Lower East Side love interest (Daily News).
  • The twitterati just couldn’t help crushing on Mission Chinese in 2012 (First We Feast).
  • LES alumni report: former Schiller’s manager Dean Jankelowitz persuaded CB2 to approve full liquor at Jack’s Wife Freda (Grub Street).


Living Room Moving From 154 Ludlow; Piano’s Looks to Take Over Space (Updated 5 p.m.)

Image via Piano’s web site.

Along Ludlow Street’s music club row, Piano’s is already the biggest player, and now it looks like their empire is growing.  Documents filed with Community Board 3 show the owners are planning to take over the Living Room space next door at 154 Ludlow Street.

Jennifer Gilson and Steve Rosenthal opened the Living Room more than a decade ago.  Last month Gilson was interviewed for a Columbia University student publication about the aftermath of Hurricane Sandy, saying that the storm was a big blow.  They lost at least $15,000 and were in the process of applying for a small business grant through the LES Business Improvement District.

The decision to call it quits on Ludlow was likely in the works long before Sandy.  The names listed on the application are Dave Gelbard, Yoav Kipnes and Fumiko Kobayashi.   In addition to Piano’s, the team runs 7A and Virage in the East Village. It doesn’t appear that big changes are planned. “There will be scheduled performances of live/world music similar to the current method of operation,” the applicants note.  They do not intend to bring in outside promoters.

The proposal will be considered by CB3’s SLA Committee January 7 at 6:30 p.m., at the JASA/Green building, 200 East 5th Street.

UPDATED 5 p.m. Here’s an email blast just received from the Living Room:

Hi Friends of The Living Room. After 15 years in business and 10 years in our current space, The Living Room will be closing the doors at 154 Ludlow St at the end of January.  We will relocate to a new space next spring. We have truly loved having you over these last years. You are a huge part of our history and you made our time here special. Though it saddens us to leave, this is not the end of The Living Room. Although the skyrocketing cost of rent has made it impossible for us to keep our current location, we are actively negotiating a new space. We want nothing more than to keep the music going!  The cost of building a club from scratch is considerably higher than it was when we moved from our first space on Stanton St. 10 years ago,  and so we could use your help to fund the move and construction and be a part of the new Living Room. There are some cool items available with more being added weekly.  Thanks, Jennifer and Steve.

If you would like to support the Living Room, here’s the link.


Good Morning!

Men @ Work

Broome Street, November 2012. Photo by Lee Brozgol.

Sunny today with a high of 38.  Snow is in the forecast tomorrow. We’ll  see 1-3 inches and and a high of 34.   Sunny and 32 on Sunday. Enjoy your last weekend of 2012.

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