Jake Hulsh of BKREA reports Rare Downtown hotel asset can be delivered vacant in June 2027, with by-right hotel expansion and roughly 13,300 SF of residential enlargement potential
— BKREA has been retained on an exclusive basis to arrange the sale of 218-220 Bowery, a four-story mixed-use hotel property on the west side of the Bowery between Prince and Spring Streets. The approximately 16,700 SF building includes a 132-room hotel and two ground-floor retail spaces on a 5,008 SF lot. BKREA Senior Associate Jake Hulsh is marketing the property.
The hotel and north retail space can be delivered vacant on June 30, 2027, and the south retail space is vacant today. That gives a buyer a clean slate to reposition, expand or redevelop an operating-scale hotel in a submarket where new hotel supply is tightly constrained.
Get full details about 218-220 Bowery NYC at BKREA
“Opportunities to acquire a vacant, 132-room hotel in this part of Downtown are exceptionally rare, especially now that new hotels require a multi-year special permit,” said Jake Hulsh, Senior Associate of BKREA. “218-220 Bowery gives a buyer real optionality: reposition the hotel, expand it as-of-right, or pursue residential enlargement at one of the most dynamic intersections in Manhattan.”
The 5,008 SF lot offers approximately 50 feet of frontage on the Bowery. It is improved with a four-story building of approximately 16,700 SF.
The ground floor holds two retail spaces totaling approximately 4,800 SF, and the three upper floors contain an approximately 11,900 SF, 132-room hotel. The hotel and north retail space can be delivered vacant on June 30, 2027, while the south retail space is currently vacant.
The property’s value rests on scarcity: new hotels in New York City now require a ULURP special permit, a process that typically takes two to three years. Only about 350 hotel rooms have been added to the submarket since 2022.
With vacant delivery of the hotel and north retail space in June 2027 and the south retail space already vacant, a buyer can take control of the full building. The existing hotel can also be enlarged by just under 20% without a ULURP special permit, preserving a rare path to added room count.
Beyond the hotel, the site offers approximately 13,348 SF of residential enlargement potential, with 485-x and Universal Affordability Preference (UAP) benefits expected to apply. The approximately 4,800 SF of ground-floor retail, split across two spaces with Bowery frontage, gives an owner flexibility to lease, combine or reposition the storefronts.
218-220 Bowery sits at the seam of Nolita, SoHo, the Lower East Side and the East Village. The block is part of one of Downtown Manhattan’s most active hospitality, dining and gallery corridors.
The property is steps from the New Museum, Sara D. Roosevelt Park and the retail of Prince and Spring Streets. Transit access is excellent, with the J/Z at Bowery, the 6 at Spring Street, the B/D/F/M at Broadway-Lafayette, the R/W at Prince Street and the F at Second Avenue all a short walk away.
About the company: BKREA is a New York City commercial real estate brokerage founded by Bob Knakal. The firm exclusively represents sellers, combining proprietary market research, extensive transaction experience and artificial intelligence to guide property sales. Services include investment sales, development site advisory, air rights consulting, valuations and detailed market analysis.
Contact Info:
Name: Jake Hulsh
Email: Send Email
Organization: BKREA
Address: 135 West 36th Street NY NY 10018
Phone: 212-888-8850
Website: https://www.bkrea.com/
Release ID: 89206874
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.