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231 Grand St
New York, NY 10013
Bowery Hanbee Hotel · Hospitality Property For Sale
·
99 Rooms
INVESTMENT HIGHLIGHTS
- Value-Add Opportunity
- 102 Hotel Rooms & 3 Retail Units
- Prime Connectivity & Foot Traffic
- Cash Flowing
- Proven Boutique Hotel Market
- Mixed-Use Asset
EXECUTIVE SUMMARY
Cushman & Wakefield is pleased to exclusively present 231 Grand Street, a mixed-use hotel located on the southwest corner of Grand Street and Bowery on the border of NoLIta and the Lower East Side, two of Manhattan’s most dynamic and evolving sub-markets.
The property spans ±48,911 square feet and is comprised of 102 hotel rooms along with three ground-floor retail units, two of which are occupied by Chase Bank and Akiba House. The hotel is currently leased to the City of New York, which utilizes the rooms as a shelter, providing immediate, stable cash flow of approximately $8,600,000 in annual gross revenue. Furthermore, this property presents a compelling and notable value-add or user opportunity to reposition and renovate the hotel into a high-end hospitality concept.
Situated at 231 Grand Street, the property benefits from its location at the convergence of NoLlta, Lower East Side, and Chinatown, an area that continues to attract shoppers, tourists, and residents alike. In the immediate area, there have been many boutique hospitality conversions, including the Moxy Hotel, Sohotel, and Nolitan. The neighborhood’s ongoing growth, combined with its mix of historic character and modern developments, further enhances the property’s long-term appeal.
The property spans ±48,911 square feet and is comprised of 102 hotel rooms along with three ground-floor retail units, two of which are occupied by Chase Bank and Akiba House. The hotel is currently leased to the City of New York, which utilizes the rooms as a shelter, providing immediate, stable cash flow of approximately $8,600,000 in annual gross revenue. Furthermore, this property presents a compelling and notable value-add or user opportunity to reposition and renovate the hotel into a high-end hospitality concept.
Situated at 231 Grand Street, the property benefits from its location at the convergence of NoLlta, Lower East Side, and Chinatown, an area that continues to attract shoppers, tourists, and residents alike. In the immediate area, there have been many boutique hospitality conversions, including the Moxy Hotel, Sohotel, and Nolitan. The neighborhood’s ongoing growth, combined with its mix of historic character and modern developments, further enhances the property’s long-term appeal.
PROPERTY FACTS
| Price Per Room | $705,010 CAD | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 48,911 SF |
| Cap Rate | 9.62% | No. Rooms | 99 |
| Property Type | Hospitality | No. Stories | 8 |
| Property Subtype | Hotel | Year Built/Renovated | 1923/2028 |
| Building Class | B | Corridor | Interior |
| Zoning | C6-1G, LI | ||
| Price Per Room | $705,010 CAD |
| Sale Type | Investment |
| Cap Rate | 9.62% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 48,911 SF |
| No. Rooms | 99 |
| No. Stories | 8 |
| Year Built/Renovated | 1923/2028 |
| Corridor | Interior |
| Zoning | C6-1G, LI |
AMENITIES
- Business Center
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 9 | $559.76 CAD | - |
| Guest Room | 90 | $358.75 CAD | - |
PROPERTY TAXES
| Parcel Number | 0239-0020 | Improvements Assessment | $9,161,984 CAD |
| Land Assessment | $4,240,374 CAD | Total Assessment | $13,402,358 CAD |
PROPERTY TAXES
Parcel Number
0239-0020
Land Assessment
$4,240,374 CAD
Improvements Assessment
$9,161,984 CAD
Total Assessment
$13,402,358 CAD
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