Cooper Square Hotel Sold For $67.5 Million

Cooper Square Hotel.

The International Business Times reports the Cooper Square Hotel has sold for $67.5 million to hotel operator Andrew Balasz and Ironstate Development Company. Previously it had been reported that the property had been sold for $91 million. Roland Li adds:

The 145-room hotel has nightly rates of around $300 to $400, but the previous owners ran into financial trouble after it opened in 2008. In December 2009, (the hotel’s lender) moved to foreclose on $52 million in debt, and construction contractors also sued for $9.9 million. Balasz plans to rebrand the property as the Standard East Village. It will be the fifth Standard Hotel, joining properties in Los Angeles, Miami Beach and Manhattan’s West Side. The hotel is said to be a “mellow alternative” to the West Side hotel, which has a boisterous rooftop party space. The new owners also plan to change the ground-floor restaurant.

Wednesday News Links

State Assembly Speaker Sheldon Silver tells the New York Times he has doubts about Governor Paterson's ethics reform proposals. Senate leader Malcolm Smith, who backs the legislation, took a shot at Silver yesterday, saying legislative leaders should not have outside incomes. Silver, an attorney, has resisted calls for him to disclose his client list. Silver's spokesman says he continues to believe in a citizen legislature.

As we reported earlier, City Councilman Alan Gerson lost the endorsement of the Downtown Independent Democrats last night to Pete Gleason. The blog, Soho Politics, says Gleason only won by two votes in the first round. But after a recount, his lead widened 64-52. Meanwhile, another influential club, the Stonewall Democrats, endorsed Gerson, even though they chose to stay out of other races in which incumbents are "under siege." The Daily News says Gerson is poised to lose the upcoming endorsement of the Working Families Party.

EV Grieve has details of the community meeting last night to discuss complaints about late night noise and other problems from the Cooper Square Hotel. It appears to have been a rough replay of the contentious meeting last week concerning noise at the Thompson LES Hotel. There was one difference. Jeremiah's Vanishing New York reports people attending the meeting walked outside to witness a lavish private party at the hotel to celebrate the unveiling of the new Astin Martin.

Senator Charles Schumer's office says the Grand Street Settlement is one of 13 New York organizations to receive grants from the Corporation for National and Community Service. Grand Street will get $260,000 to hire 40 AmeriCorps members to "help New York City students to improve their education."