Owner of 3 Lower East Side Hotel Seeks to Pay $64 Million

The owner of three Lower East Side hotels is looking to get rid of his assets. Who all reside within a few blocks of each other.

the Orchard Street Hotel, Hotel (136 Ludlow), and The Gatsby (135 East Houston) – owned by real estate investor Nader Ohebshalom – went on the market last week. The asking price for the properties is $25 million, $17.76 million and $21.6 million respectively.

The Atlanta-based Freeman Realty Group. is the record brokerage representing the three properties.

The eleven-story Orchard Street Hotel spent around seven years in development before opening in March 2015. The development replaced a pre-war building at 163 Orchard.

The Redford Hotel was born at the back of the comfort hostel, which closed in October 2016 after acquiring Ohebshalom. There has been a hotel there for twelve years, having replaced an old laundromat.

The Gatsby in East Houston has also undergone a few makeovers over the years. It started life as the Howard Johnson Express, then morphed into Gem SoHo, and eventually became the current Gatsby in 2015.

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