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New York

Long-languishing Blue Moon Hotel ups ask — this time to $21M

Property first listed in 2005 has seen a slew of price chops and spikes over the years

Blue Moon Hotel, Lower East Side
Blue Moon Hotel, Lower East Side

UPDATED, 12:44 p.m., Dec. 18: After nearly a decade on and off the market, the Blue Moon Hotel at 100 Orchard Street is once again up for sale.

This go-round, the asking price for the hotel, which is being marketed by Massey Knakal Realty Services, is $21 million. Over the past ten years or so, the ask on the Blue Moon has been all over the place, from about $16 million to $35 million.

Though the new listing is on the lower end of the many asking prices for the building, it marks an increase from its last listing. In August, YGNY Realty was marketing the hotel for $19 million. The property first hit the market in May 2005 asking $20 million.

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However, Randy Settenbrino, the hotel’s developer, disputed the news reports about the property’s various asking prices, saying that only the  $19.5 million listing in May 2012 and the $21 million listing this month were authorized. 

The boutique hotel features 22 rooms named after 1930s and 1940s celebrities. The rooms range from 320 square feet to 750 square feet, according to the current listing.

Massey Knakal appears to be emphasizing the hotel’s potential for conversion in its marketing material, noting that “the lobby and basement levels offer approximately 2,800 SF of ground level and basement level space that create a potentially lucrative retail application. The property presents a significant value add opportunity through a wide range of strategies including the incorporation of retail, creation of additional rooms through subdivision, enhanced sales and revenue management, and/or a possible conversion to residential apartments.” [Bowery Boogie] — Tess Hofmann

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Hotel MarketMassey Knakal Realty Services