The Real Deal New York

Mondrian Soho sells for $205M

Sapir and partner Gerrard Guez purchase property that was foreclosed on last year

The Sapir Organization’s Rotem Rosen and Alex Sapir, in partnership with Buddha Bar founder and owner Gerard Guez, purchased the Mondrian Soho hotel for $205 million.

The partnership picked up the hotel at 9 Crosby Street from a financial institution that foreclosed on the property last year. The 270-room hotel will remain a luxury, five-star property under the new ownership, but will undergo a name change, according to the New York Post.

Rosen and Sapir will add the hotel, which was formerly part of the Morgans Hotel Group, to their high-end Zuma restaurant brand in the U.S., which is to take up 23,000 square feet at the Sapir Organization’s 260-261 Madison Avenue office building, as previously reported.

The Mondrian sale was first reported by the Israeli press on Sunday, the Post noted. [NYP]Julie Strickland