NEW YORK—Massey Knakal Realty Services’ Senior Vice President of Sales Robert Burton has sold 218-220 Bowery. Formerly known as the Prince Hotel, the building is located between Spring and Prince Streets in Manhattan’s SoHo neighborhood. The building sold in a transaction valued at $11 million.
Alessandro Zampedri, an Italian racecar driver, purchased the building with Andrea Venturelli, an Italian associate.
Zampedri, along with his hospitality partner, Sanford Kunkel, have been operating The Bowery House, a hotel on the upper floors of the property for the past nine months after an extensive capital improvement campaign.
The 50-ft. wide, four-story, fireproof building has eight remaining single-room-occupancy tenants on the second floor with R Bar occupying the ground floor.
In addition to the 17,000 existing sq. ft., 13,000 sq. ft. can be added to bring the building to 30,000 sq. ft.
Plans under new ownership include the opening of The Bowery Kitchen, restaurant/café with northern Italian specialties. In addition, the rooftop of 220 Bowery, The Bowery House includes a 4,000-sq.-ft. landscaped garden to host private events.