Salvation Army Sells NYC Center For $30M
March 6, 2014 The NonProfit Times
Those who once inhabited the Salvation Army’s community center in lower Manhattan won’t recognize the digs in a few years. The Salvation Army (SA) has reached an agreement to sell the building for more than $30 million to a firm that will open a boutique hotel and residence.
The agreement was finalized Wednesday with Eastern Consolidated, an investment sales brokerage firm, to arrange the sale of the SA Chinatown Corps Community Center, which occupied the building’s first two floors. The upper eight floors remained vacant for more than 13 years. The building is located at 223-225 Bowery.
After renovation on the existing property is complete, the building will be transformed into a new location for Ace Hotels. The hotel will contain about 180 rooms and will likely also house a small number of residential condominiums, according to multiple published reports.
A SA spokeswoman said the organization was not yet prepared to comment on the story. Public records show SA has owned the building since 1972. Colliers International secured a space in Brooklyn’s Chinatown for SA, according to information from Eastern Consolidated.
“The conversion of 223-225 Bowery is an exciting transformation and the repositioning and revival of this asset will add tremendous vitality to the Bowery,” said Roberto F. Ortiz, senior director/principal at Eastern Consolidated. “This has been a long sought-after project since we first began inquiring about the possible sale of the asset in 2002. We would like to thank The Salvation Army and Colliers International for this opportunity.”
Alan P. Miller, executive managing director/principal at Eastern Consolidated, said he expects the new location to “spur further growth and gentrification, signaling a positive future for this New York City thoroughfare.”