HFF Arranges $32 Million Loan for New Ace Hotel in Chinatown
- Jan 12, 2015
The ten-story building that housed the Salvation Army Chinatown Community Shelter is set to be redeveloped into a new Ace Hotel.
Located at 223-225 Bowery, south of Houston between Prince and Spring Streets, the 55,000-square-foot structure was sold last spring for more than $30 million to a joint venture between Omnia Group and Northwind Group. According to New York Observer, the Salvation Army—which has owned the building since 1972, using it as shelter, community center and soup kitchen—relocated its Chinatown outpost to Bensonhurst, Brooklyn.
Reportedly, the Omnia/Northwind joint venture decided to keep the building’s structure and start a gut renovation and redevelopment of the existing space rather than demolish it to make room for a completely new building.
HFF recently announced that it has arranged $32 million in non-recourse financing for the development, which calls for a 200-room Ace Hotel and a luxury boutique condo. Scheduled for completion in 2015/2016, the hotel was designed by Nataliya Donskoy of ND Architecture, the Observer reported. The new building will also include an expansive rooftop amenity space, as well as restaurant and music space with entrances from both Bowery and Freeman Alley.
Image via Northwind Group