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US: The Blue Moon hotel, on New York City’s Lower East Side, has had its market price dropped from $30 million to $19.5 million.
It was first put on the market last year by owner Robert Settenbrino, but with no takers on the horizon, agents Eastern Consolidated are looking to attract a buyer who can create “an income-producing bar or lounge on the ground level” for the property, at 100 Orchard Street.
Settenbrino bought the hotel, between NYC‘s Delancey and Broome streets, for $1.24 million in two separate deals in 1997 and 2000. He had spent years selling Italian menswear from a shop that is now the hotel lobby.
Settenbrino reportedly entered the 15 tenement apartments above the store to find that many of them had been unoccupied and untouched since 1936. He has since restored the hotel “with 19th century and early 20th century touches”, according to the New York Observer.
“The hotel was built with loving care, but today the market for the hospitality industry has changed. It is not about a pretty, big room. It’s about how much fun can I have in this building?” said Eastern Consolidated broker Adelaide Polsinelli.
www.bluemoon-nyc.com
31/05/12
