New York Hospitality for Sale - Soho
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.
