The Blue Moon Hotel at 100 Orchard Street has been on the market for at least seven years. A new firm, Eastern Consolidated, is now taking a crack at selling the property owned by Robert Settenbrino.
This time the Blue Moon has been listed for $19.5 million; at one point Settenbrino wanted $35 million for the converted tenement which he lovingly restored.
Broker Adelaide Polsinelli tells the Commercial Observer that prospective buyers will be looking at revamping the lobby and possibly the rooftop as potential bar/restaurant venues.
Polsinelli offered the following assessment:
As a hotel it really needs to go to the next step… The lounge [of the hotel], that should be income-producing. It should be a restaurant, a bar, an area that makes money rather than be an amenity… The hotel was built with loving care, but today the market for the hospitality industry has changed. It is not about a pretty, big room… it’s about how much fun can I have in this building and how many options do I have?
