Soho Hotel Sells for $14 Million, Which Was $6M Less Than Initial Asking Price

According to a report in Crain’s New York Business, the five-story Broome Hotel was passed off to an LLC in a deal brokered by Vincent Boitier and the Iocovelli siblings. The tony building includes a conference center, an atrium, and a private roof deck.

| 29 Aug 2023 | 11:35

The Broome Hotel New York at 431 Broome St. has been sold for 14 million dollars, according to a report by Crain’s New York Business that cited public records.

The sellers–Vincent Boitier and the Iocovelli siblings–ended up with $6 million less than their initial January asking price. The August 18 sale reportedly went to Broome Hotel Owner LLC, which proceeded to “secure a $9.8 million dollar mortgage [for the hotel] from an affiliate of real estate firm Transwestern” a week later. As noted in a study of the hotel’s marketing materials by Crain’s, the nearly 5,500 sq. ft space contains a mere 15 rooms, in addition to an indoor pool and a private roof deck (among other amenities). Stays reportedly start at $439 a night.

The business magazine notes that “the sale comes 14 years after Boitier and his partners acquired a 75% stake in the property from a limited liability company for $4.9 million.”

Neither the realtors nor the hotel itself returned comment to Our Town Downtown as of press time.