Retail Space, Parking Garage at Hotel Indigo Sold For $21 Million
Later this year, the 24-story Hotel Indigo will open at 180 Orchard St. It’s a joint venture between Brack Capital and the InterContinental Hotel Group. The Real Deal reports that Meir Cohen’s Cohen Equities and Premier Equities have purchased the retail portion of the project as well as its parking garage for $21 million.
The ground floor and mezzanine level commercial space is 10,400 sq. ft. The garage has 89 spaces. More details from the story:
JLL’s Yoav Oelsner and Glenn Tolchin represented both sides in the deal. Andrew Kahn and Jesse Hutcher of Cushman & Wakefield are marketing the retail for lease. “The space represents a major opportunity for a forward-thinking retailer, just as the neighborhood is hitting its stride,” Oelsner said. Hutcher said restaurants and international apparel retailers have expressed interest in the space. Several companies are in advanced negotiations to open flagship stores at the hotel site, he added.
A marketing website touts the “soaring 23-foot ceiling heights.” An accompanying brochure boasts that the local market is “driven by the young and fashion forward residential population.” It also includes renderings for a possible restaurant or flagship retail store.
The 295-room hotel will include a restaurant, bar, fitness center and outdoor pool. Brack Capital bought the site for $46 million in 2011.