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Holiday Inn Express & Suites Bowery Hanbee 231 Grand St 102 Room Hotel New York, NY 10013 $50,000,000 ($490,196/Room) 9.62% Cap Rate
Executive Summary
Cushman & Wakefield is pleased to exclusively present 231 Grand Street, a mixed-use hotel located on the southwest corner of Grand Street and Bowery on the border of NoLIta and the Lower East Side, two of Manhattan’s most dynamic and evolving sub-markets.
The property spans ±48,911 square feet and is comprised of 102 hotel rooms along with three ground-floor retail units, two of which are occupied by Chase Bank and Akiba House. The hotel is currently leased to the City of New York, which utilizes the rooms as a shelter, providing immediate, stable cash flow of approximately $8,600,000 in annual gross revenue. Furthermore, this property presents a compelling and notable value-add or user opportunity to reposition and renovate the hotel into a high-end hospitality concept.
Situated at 231 Grand Street, the property benefits from its location at the convergence of NoLlta, Lower East Side, and Chinatown, an area that continues to attract shoppers, tourists, and residents alike. In the immediate area, there have been many boutique hospitality conversions, including the Moxy Hotel, Sohotel, and Nolitan. The neighborhood’s ongoing growth, combined with its mix of historic character and modern developments, further enhances the property’s long-term appeal.
The property spans ±48,911 square feet and is comprised of 102 hotel rooms along with three ground-floor retail units, two of which are occupied by Chase Bank and Akiba House. The hotel is currently leased to the City of New York, which utilizes the rooms as a shelter, providing immediate, stable cash flow of approximately $8,600,000 in annual gross revenue. Furthermore, this property presents a compelling and notable value-add or user opportunity to reposition and renovate the hotel into a high-end hospitality concept.
Situated at 231 Grand Street, the property benefits from its location at the convergence of NoLlta, Lower East Side, and Chinatown, an area that continues to attract shoppers, tourists, and residents alike. In the immediate area, there have been many boutique hospitality conversions, including the Moxy Hotel, Sohotel, and Nolitan. The neighborhood’s ongoing growth, combined with its mix of historic character and modern developments, further enhances the property’s long-term appeal.
Property Facts
| Price | $50,000,000 | Lot Size | 0.19 AC |
| Price Per Room | $490,196 | Building Size | 48,911 SF |
| Sale Type | Investment | No. Rooms | 102 |
| Cap Rate | 9.62% | No. Stories | 8 |
| Property Type | Hospitality | Year Built/Renovated | 1923/2028 |
| Property Subtype | Hotel | Corridor | Interior |
| Building Class | B | ||
| Zoning | C6-1G, LI - C6 districts permit a wide range of high-bulk commercial uses requiring a central location | ||
| Price | $50,000,000 |
| Price Per Room | $490,196 |
| Sale Type | Investment |
| Cap Rate | 9.62% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 0.19 AC |
| Building Size | 48,911 SF |
| No. Rooms | 102 |
| No. Stories | 8 |
| Year Built/Renovated | 1923/2028 |
| Corridor | Interior |
| Zoning | C6-1G, LI - C6 districts permit a wide range of high-bulk commercial uses requiring a central location |
Amenities
- Business Center
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 9 | $401.00 | - |
| Guest Room | 93 | $257.00 | - |
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Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 0239-0020 | Improvements Assessment | $6,533,820 |
| Land Assessment | $3,024,000 | Total Assessment | $9,557,820 |
Property Taxes
Parcel Number
0239-0020
Land Assessment
$3,024,000
Improvements Assessment
$6,533,820
Total Assessment
$9,557,820
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Holiday Inn Express & Suites Bowery Hanbee | 231 Grand St
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