The Real Deal New York

Schron leverages rent regulation into approval for LES hotel

September 20, 2012 01:30PM

215 Chrystie Street, Ruby Schron and a blueprint of the hotel

Ruby Schron appears to have found the fastest way to a community board’s heart — promises of rent regulation. The Cammeby’s International head was given the green light by Communtiy Board 3 to build a controversial 25-story hotel on Chrystie Street in the Lower East Side in exchange for extended rent regulation at an adjacent building, Bowery Boogie reported.

Schron’s plan calls for 18 stories of hotel rooms below seven floors of market-rate housing for a total of 376 units at 215 Chrystie Street — a plot that, since 1982, had been designated for eight stories of Section 8 housing. To secure unanimous approval for the hotel, Schron promised a 20-year rent-regulation extension at 10 Stanton Street, the building he owns next door that has voluntary Section 8 housing but was slated to lose its regulation in three years.

The plot is one of the last undeveloped properties in the Cooper Square Urban Renewal Area and design is being handled by Handel Architects, which designed Chelsea’s Dream Hotel, 40 Bond and Trump SoHo. Amenities will include new playground equipment, an indoor gym, a communal area and a green roof.

Many LES residents concerned about what a new swath of market rate housing will do to housing prices in the area. Bowery Boogie called the deal “truly a tragic compromise.” [Bowery Boogie] Christopher Cameron

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