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Hotelier Ian Schrager Buys 215 Chrystie Street for $50M

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Just when we thought today would be another boring news day, the Journal reports that boutique hotelier Ian Schrager (of Studio 54 fame), along with a few investors, plunked down $50 million to purchase 215 Chrystie Street. The empty lot is set to host a 25-story tower with a hotel on the first 17 floors and condos on the rest. The land actually served as a garden for low-income tenants in a neighboring building, but a deal was reached to allow the development to move forward.

The new finger building will tower over the neighbors, who are already complaining about the plans. The Sperone Westwater Gallery pulled out the nimby card as the new building will block light into the gallery, and they have hired a big time environmental law attorney to start a legal battle to try and stop the hotel. If the suit doesn't stop the hotel, what can we expect? According to the Journal, Schrager plans for the hotel to be part of his new brand called Public, "which is designed to be avant-garde but less expensive than many boutique hotels."
· Tenants' Deal Removes Bar To New Tower [WSJ]
· Meet the LES's Newest Nimby, the Sperone Westwater Gallery [Curbed]
· Ian Schrager coverage [Curbed]

Sperone Westwater

257 Bowery, New York, NY 10002

215 Chrystie St

215 Chrystie Street, Manhattan, NY 10002