Value-add hotel play in the Lower East Side
Kushner Companies has entered into contract to acquire 107 Rivington Street from Paul Stallings for an undisclosed price, according to the NYPost. The Lower East Side hotel spans 59,000 square feet, and contains 108 rooms.
Worth Noting: The 13-year old hotel features a number of party spaces, and will need to be renovated to compete with newer hotels in the neighborhood. This deal comes as no surprise as the company hired Will Obeid to focus on the sector.