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Sister City Hotel at 225 Bowery Receives $80M Loan

The former Salvation Army building in Manhattan’s Chinatown, which was converted into a trendy hotel, has been refinanced following its renovations.

225 Bowery rendering Sister City Hotel at 225 Bowery rendering

NEW YORK CITY—The former Bowery Salvation Army building at 225 Bowery, which was converted into a hotel called Sister City, received an $80 million bridge loan. Bank Hapoalim provided the first-mortgage financing.

Omnia and Northwind Group had purchased the 55,000-square-foot structure for more than $30 million. In March 2014, The Real Deal had reported that building owned by the Salvation Army housed the Chinatown Community Center where hundreds of meals were served daily. The sale resulted in the shelter’s moving to Brooklyn.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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