Riff Hotel Chelsea sells for $28M

Eastern Star-led group buys hotel portion of building; Salt keeping retail

TRD New York /
May.May 03, 2018 01:30 PM

300 West 30th Street

Salt Equities has sold the Riff Hotel Chelsea for $27.5 million to a group of investors, who plan to tear down the existing building and replace it with affordable luxury condos, according to sources familiar with the deal.

Salt Equities, led by Sal Smeke and Michael Wahba, sold the hotel at the corner of West 30th Street and Eighth Avenue to an investment group led by Anthony Hu’s Eastern Star Development. However, Salt will still be keeping the 5,000-square-foot retail portion of the building, which encompasses half of its value. The hotel consists of the building’s upper floors.

The site has 71,000 square feet of buildable space overall and currently houses the four-story Riff Hotel. The investment group plans to make its pending condo project 130 feet tall.

Christopher Okada, president of Okada and Company, represented the buyer and the seller.

Eastern Star Development filed plans last year for a 182-unit condo building in Long Island City at the Star Tower, where they are targeting a $253.3 million sellout. This makes it one of the most expensive plans in Queens history.

Related Articles


“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now