Developer Bids $33 Million for Long-Stalled Allen Street Hotel

One by one, over the years, the stalled hotel and condo projects that blight the Lower East have righted their ships, transforming slowly into into actual condos and actual hotels. But still, the partially constructed shell of Allen Street Hotel remains at 139 Orchard Street, zombifying up the street. The development's saga has been long and fraught, including failed sale attempts, death threats, and, finally, a bankruptcy auction that may finally lead to its completion. The Daily News reports that Park Avenue-based investment company Arcade Capital has bid $33 million for the 98-room hotel shell. If the company is not outbid, it will have to finish to project quickly, as as impending Lower East Side rezoning could spell trouble.
· Developer agrees to pay $33M for stalled Lower East Side hotel site [NYDN]
· Park Avenue Developer Bids $33M for Long-Stalled Allen Street Hotel [Bowery Boogie]
· Allen Street Hotel coverage [Curbed]