Brack, IHG put Hotel Indigo LES on market

Owners of 294-key hotel want over $600k per key

New York /
Jun.June 08, 2017 09:35 AM

The boutique Hotel Indigo on the Lowest East Side has hit the market, with its owners looking for north of $176 million.

The 294-key hotel, owned by Brack Capital Real Estate TRData LogoTINY and InterContinental Hotels Group, is being marketed by Eastdil Secured.

Brack expects the block-through hotel at 171 Ludlow Street — located between East Houston and Stanton streets — to fetch north of $600,000 per key, Shai Shamir, CEO of Brack’s U.S. operations, told Commercial Observer.

The developers, who bought the stalled site for $45 million in 2011, partially opened the hotel in 2015. It was fully operational as of last year. The restaurant and bar Mr. Purple occupies the 15th floor, which has 4,480-square-feet of terrace space. The hotel also has a sky lobby and outdoor pool.

Shamir said Brack and IHG always intended to sell the property, which he said is the flagship location for Hotel Indigo. “We are developers,” he said. Brack also owns two citizenM hotels in New York City.

The hotel’s retail condo and 89-car garage at the base will not be part of the sale. Meir Cohen’s Cohen Equities and Premier Equities paid $21 million in 2015 for the 10,400-square-foot retail space and 19,000-square-foot garage.  [CO] E.B. Solomont

(To view more of Brack Capital Real Estate’s commercial sale transactions, click here)


Related Articles

arrow_forward_ios
Barings' Mike Freno and 307 West 37th Street (Barings, Google Maps, Getty)
Watermark sells Garment District hotel for 20% loss
Watermark sells Garment District hotel for 20% loss
GFP Real Estate's Jeffrey Gural and 675 Sixth Avenue (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, GFP Real Estate)
TRD Pro: NYC’s biggest retail leases of August
TRD Pro: NYC’s biggest retail leases of August
Southold Town Supervisor Scott Russell and 12500 Main Road in Mattituck (Google Maps, Getty, Town of Southold)
North Fork town smells victory in eminent domain fight
North Fork town smells victory in eminent domain fight
Carlyle's David Rubenstein (Carlyle)
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
A photo illustration of 111 East 59th Street (Google Maps, Getty)
Loancore seeks forced sale of Plaza District building
Loancore seeks forced sale of Plaza District building
(Getty)
Manhattan office leasing jumps as availability and rents drop
Manhattan office leasing jumps as availability and rents drop
New York attorney general Letitia James and 109-20 Queens Boulevard in Forest Hills (Getty, Google Maps)
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...