The Real Deal New York

Chelsea Riff Hotel to be replaced by 16-story condo building

The planned 60K sf structure would contain 80 units
By Christian Bautista | August 17, 2018 01:00PM

Chelsea Riff Hotel at 300 West 30th Street (Credit: Google Maps)

Eastern Star Development pre-filed permits to replace the Riff Hotel at 300 West 30th Street with a 16-story condo building.

The Flushing-based firm plans to construct a 59,700-square-foot building with 80 apartments. The property will be divided between 54,700 square feet of residential space and 5,000 square feet of commercial space. Planned amenities include recreational spaces at the rooftop and the second floor and storage space at the cellar. If approved as proposed, the building would be 170 feet tall.

An investor group led by Eastern Star bought the hotel for $27.5 million in May. The previous owner, Salt Equities, retained ownership of the retail portion of the property, which accounted for half of the building’s value at the time of purchase. Eastern Star filed demolition permits for the site in June, and sources previously told The Real Deal that the developer was planning to construct affordable condos.

The firm, led by Anthony Hu, is currently building the Star Tower condominium at 27-27 42nd Road in Long Island City. Eastern Star has set a sellout target of $253.3 million for the 182-unit project, making it one of the priciest ever in the neighborhood.

College Point-based Studio C Architects is designing the project. Eastern Star did not immediately respond to requests for comment.