Hotel Chantelle Building, 92-94 Ludlow St., Sold For $9 Million
A commercial building that’s now home to the nightlife venue, Hotel Chantelle, has been sold for $9 million. The 3,400 square foot building at 92-94 Ludlow St. was previously owned by the Sidney Salstein Trust.
Now the property has been picked up by Fairstead Capital, a large Midtown-based real estate investment firm. The building is located on the same block at Essex Crossing site 1. That project, now under construction, includes 55 luxury condos, a Splitsville Lanes bowling alley and a cultural center to-be-named.
The guys at Cushman & Wakwfield were not shy about pitching the property as a development site. Noting that the site could eventually be built out to 20,000 square feet, their sales flyers spelled out the terms of Hotel Chantelle’s lease (it extends to the end of 2020). ‘The property” they wrote, “is suitable for an investor or developer who is willing to wait out the lease term considering Essex Crossing should be up and running at that time (circa 2020).”
The asking price was $12 million.