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New York

Bowery’s Salvation Army building changes hands for $19M

French hotel developer had planned to convert the property

347 Bowery, Glauco Lolli-Ghetti (inset)
347 Bowery, Glauco Lolli-Ghetti (inset)

The Paris-based Louzon Hotel Group, which bought the Salvation Army shelter building at 347 Bowery two years ago for $7.6 million, has sold the property for $19 million, the LoDown blog reported.

Louzon at one time planned a Gene Kaufman-designed boutique hotel in the spot. The new owner, Glauco Lolli-Ghetti, principal at privately held real estate firm Urban Muse, inked the deal on June 21, including a mortgage of $16.3 million.

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In a seemingly unrelated transaction, 325 Bowery also changed hands on June 21, the LoDown reported, citing city documents. The building, on the corner of East 2nd Street, was acquired by Atlas Capital Group for $9.25 million.

A portfolio of 11 mixed-use buildings within blocks of the Salvation Army building sold in a deal worth $62 million last month. [LoDown] –Julie Strickland

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