Cooper Square Hotel Changes Hands

NEW YORK CITY-A big deal has gone down on the Bowery: luxury hotelier and residential developer Andre Balazs Properties has acquired the Cooper Square Hotel from Connecticut-based real estate investment firm Westport Capital Partners LLC. The sale price is rumored to be around $91 million, but the company declined to disclose the terms of the deal.

Located at 25 Cooper Square, the 145-unit boutique hotel was completed in 2008. According to Westport, the firm had initially provided mezzanine financing in 2007 to help fund the construction of the hotel. The company then assumed control of the property from the prior owner, a joint venture of the Peck Moss Group and Cardinal Real Estate Investments, in a restructuring that concluded in December 2010. The price of the mezz takeover was $70.9 million, according to Real Capital Analytics.