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New York

Mondrian Soho sells for $205M

Sapir and partner Gerrard Guez purchase property that was foreclosed on last year

From left: Alex Sapir and 9 Crosby Street
From left: Alex Sapir and 9 Crosby Street

The Sapir Organization’s Rotem Rosen and Alex Sapir, in partnership with Buddha Bar founder and owner Gerard Guez, purchased the Mondrian Soho hotel for $205 million.

The partnership picked up the hotel at 9 Crosby Street from a financial institution that foreclosed on the property last year. The 270-room hotel will remain a luxury, five-star property under the new ownership, but will undergo a name change, according to the New York Post.

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Rosen and Sapir will add the hotel, which was formerly part of the Morgans Hotel Group, to their high-end Zuma restaurant brand in the U.S., which is to take up 23,000 square feet at the Sapir Organization’s 260-261 Madison Avenue office building, as previously reported.

The Mondrian sale was first reported by the Israeli press on Sunday, the Post noted. [NYP] — Julie Strickland

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Hotel MarketSapir Organization