The Real Deal New York

Aby Rosen buys Holiday Inn Soho for nearly $90M

RFR plans to expand retail space, add balconies; property last sold for $128M in 2007
By Mark Maurer | August 05, 2014 04:25PM

Aby Rosen’s Midtown East-based development firm RFR Holding acquired the Holiday Inn Soho for $89.7 million, according to property records filed with the city today.

The Procaccianti Group, a developer and hotelier from Rhode Island, has owned the 14-story, 227-room property at 138 Lafayette Street for seven years. Back in 2007, Procaccianti paid $128.7 million, records show.

The Building Near Howard Street was constructed in 1961 and converted in 1992 into a 114,500-square-foot hotel. Of the 227 rooms, 12 are suites. About 2,960 square feet of the 7,200 square feet of ground-floor retail space is occupied.

RFR plans to reposition the hotel in an effort to expand the total retail space to 9,720 square feet and add outdoor balconies to six of the rooms, according to its website.

Neither RFR nor Procaccianti could be immediately reached for comment. It is unknown if brokers were involved.

Two days ago, Rosen received partial demolition permits for his controversial 11-story residential project at 67 Vestry Street in Tribeca, as previously reported. Tenants have fought for the existing structure to be designated a landmark. Rosen is also in contract to buy the Church Missions House at 281 Park Avenue South for $50 million, as The Real Deal reported.

In February, Procaccianti signed a nearly 76-year ground lease for the site of the Hilton Manhattan East Hotel at 304 East 42nd Street valued at $85.2 million.