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BKREA has been retained on an exclusive basis to arrange the sale of 218-220 Bowery, a four-story mixed-use hotel and retail property located between Prince and Spring Streets in Manhattan. Marketed by BKREA Senior Associate Jake Hulsh, the approximately 16,700-square-foot property features a 132-room hotel, two ground-floor retail spaces, and significant opportunities for repositioning, expansion, and residential enlargement.
Situated at the intersection of NoLIta, SoHo, the Lower East Side, and the East Village, the property offers investors a rare opportunity to acquire a substantial hospitality asset in a tightly constrained hotel market. With the hotel and north retail space available for vacant delivery on June 30, 2027, and the south retail space already vacant, buyers can evaluate multiple strategies to unlock the property's full potential.
Positioned on the Bowery between Prince and Spring Streets, the property benefits from proximity to established retail, dining, cultural attractions, and multiple subway lines.
The four-story building encompasses approximately 16,700 square feet on a 5,008-square-foot lot, including an approximately 11,900-square-foot hotel and 4,800 square feet of ground-floor retail.
New York City's hotel development approval requirements create significant barriers to new supply. With only approximately 350 hotel rooms added to the submarket since 2022, existing hospitality assets offer a compelling acquisition opportunity.
The existing hotel can be expanded by just under 20% as of right, providing an opportunity to increase room count without pursuing a ULURP special permit.
The property offers additional residential enlargement potential, with 485-x and Universal Affordability Preference (UAP) benefits expected to apply, subject to applicable requirements.
With the building capable of being delivered vacant, prospective buyers can evaluate hotel repositioning, expansion, retail reconfiguration, and residential enlargement strategies.
The offering combines a prime Manhattan location, existing hospitality infrastructure, flexible retail space, and multiple avenues for additional value creation. In a market where new hotel development faces lengthy approval processes, the ability to acquire an established hotel property with expansion potential presents a distinctive opportunity for investors and developers.
According to Jake Hulsh, Senior Associate at 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 exclusive assignment reflects BKREA's focus on seller representation, proprietary market intelligence, and identifying the highest-value opportunities for commercial real estate owners.
What is 218-220 Bowery?
It is a four-story mixed-use property in Manhattan featuring a 132-room hotel and two ground-floor retail spaces.
Where is the property located?
The property is on the west side of the Bowery between Prince and Spring Streets, near NoLIta, SoHo, the Lower East Side, and the East Village.
What development opportunities does the property offer?
Potential strategies include hotel repositioning, as-of-right hotel expansion, retail reconfiguration, and approximately 13,348 square feet of residential enlargement potential, subject to applicable requirements.
When can the property be delivered vacant?
The hotel and north retail space can be delivered vacant on June 30, 2027. The south retail space is already vacant.
Who is marketing the property?
BKREA has been retained exclusively to arrange the sale, with Senior Associate Jake Hulsh leading the marketing.
Why is this hotel opportunity significant?
The property combines an established hotel operation, a prime Downtown Manhattan location, flexible retail space, and expansion potential in a market where new hotel development faces substantial regulatory barriers.
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