Friday, 22 April 2016

Three Lower East Side Eyesores Hit the Auction Block

The unfinished 16-story Allen Street Hotel is already on the block

On May 10, an auction is being held for the shell of the unfinished 16-story, 92-key Allen Street Hotel, on the Lower East Side. When the project from D.A.B. Group failed, it included two other properties—77 Rivington Street and 79 Rivington Street. They are also up for auction, Bowery Boogie reports.

At one point, the plan was to utilize the lot at 77 as part of the Allen Street Hotel, but that construction never took place. The auction of the hotel is separate from the auction of the Rivington Street lots. 77 Rivington is still vacant while 79 Rivington is occupied by a 16-unit walk-up apartment building used by Chabad Lower East Side.

Eastern Consolidated will hold the auction on May 16, though bids are due by May 9. The minimum bid is $11 million and transaction must be all cash. Eastern Consolidated hopes to combine the two properties into one.

2 Rivington Street Properties Adjacent to Allen Street Mall on the Auction Block for $11M+ [Bowery Boogie]

Lower East Side Eyesore Awaits Its Uncertain Future [Curbed]

Eastern Consolidated - 77 & 79 Rivington [Official]


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