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Bowery Salvation Army + $30M = City's Newest Ace Hotel

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At long last, the sale that will turn the former Salvation Army Chinatown Shelter at 225 Bowery into a 180-room Ace Hotel has closed, after being in contract since 2012. The deal's price is twofold; while developer Omnia Group, with the backing of investor North Wind Group, paid more than $30 million for the 55,000-square-foot structure, the sale will oust the Chinatown Community Center operated by the Salvation Army, which served as a soup kitchen that dished out hundreds of meals a day, TRD reports. Prior to its next iteration as an Ace Hotel likely with a residential condo component, it's anticipated that the structure will be gutted rather than demolished, as the latter would forfeit the overbuilt 19,500-square-feet that exist in the current structure. The Salvation Army has owned the building since 1972. Blame the Chinatown Community Center's long search for a new, affordable location—which they've reportedly found in Brooklyn—on the protracted sale. No word yet on when the hotel, designed by ND Architecture, will be open for business.
· Bowery's Salvation Army building sells for $30 million [TRD]
· All 225 Bowery coverage [Curbed]