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Asking price for 12-story locale is $19 million
A “for sale” sign has gone up at a 12-story boutique hotel that’s being built in New York’s Lower East Side. The 43-key, 12-story locale, at 5 Allen St., is being marketed by real estate investment services firm Eastern Consolidated for an asking price of $19 million.
The hotel is slated to open in December under Wyndham’s Howard Johnson flag. However, Eastern Consolidated officials say that agreement can be canceled for a nominal fee, and that the building can also be converted into office condominiums.
Eastern Consolidated senior director David Schechtman says his firm is “bullish on the current opinion that the highest and best use for this property is exactly as planned: a quality, highly-designed, limited service hotel.” The 15,600-square-foot hotel is configured with 22 double bedrooms, 21 single bedrooms, a ground floor lobby and a lower ground floor level with backyard garden.
In its coverage of the announcement that the building is for sale, The New York Post noted that the property’s developers—who it did not identify—are “seeking a 1031 tax-free exchange replacement property for the proceeds” from the sale. Such exchanges allow sellers to defer the capital-gains taxes associated with selling a building by using the sale proceeds to buy another structure with a similar value.
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