The trendy upscale Cooper Square Hotel is up for sale and is expected to attract interest from equally trendy hoteliers like Ian Schrager and Rocco Forte.
The nearly new 22-story hotel has 145 keys to rent out each night, including the 2,900-square-foot party penthouse with a 1,300-square-foot wraparound terrace and 360-degree views of the Bowery and beyond.
It also boasts a 2,300-square-foot ground floor garden along with an 800-square-foot outdoor space for the fashionable Trilby, a relatively new 4,000-square-foot restaurant.
According to the marketing flyer, there’s also an exclusive bar on the second floor featuring floor-to-ceiling windows and an expansive 1,700-square-foot outdoor patio.
The hotel was designed by Carlos Zapata, while the custom interior furnishings were created by Milan-based Antonio Citteri. Unfortunately, it was developed at the height of the real-estate market and quickly ran into financial trouble. The developers handed the property over to mezzanine lender Westport Capital Partners
Things are looking up, however. At least one night this weekend is sold out and the following weekend has availability with rates ranging from $392 to $441 for a king-size room.
With city occupancy continuing to bounce upward along with tourism and room rates, Westport Capital probably figured it was an opportune time to hit the market.
Investment specialists Douglas Harmon and Adam Spies of Eastdil Secured are marketing the hotel, according to the marketing materials, but didn’t return calls for comment.
A call to Christopher McClure, CEO of Westport Capital, also went unreturned by press time. Harmon is currently wrapping up the sale of the Chelsea Hotel to an as-yet-unnamed buyer for around $80 million.
When the dust settles, sources said, the Cooper Square Hotel should top that price, especially since it is sparkling new and has no hotel management contracts in place.
“It can be totally rebranded,” said one source.
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The American Symphony Orchestra is relocating to the 10th floor of 263 W. 38th St. The nonprofit’s deal encompasses the 10th floor of 4,802 square feet, which had a fairly affordable asking rent of $28 a foot. The tenant is moving from 333 W. 39th St.
Handler Real Estate Organization did both sides of the deal, with Peter New man representing the musicians and Scott Handler working for the ownership.
The office space has great views and convenient access to transportation. Lois@BetweenTheBricks.com