Sapir Organization Sells NoMo SoHo Hotel for $121M

The Sapir Organization has officially sold the NoMo SoHo hotel to Shlomo Tahan — owner of Dan Hotels — for $121 million, property records made public Tuesday show. 

Located at 9 Crosby Street in Manhattan’s SoHo neighborhood, the 26-story boutique hotel is the area’s tallest building and has 264 rooms with 10-foot floor-to-ceiling windows. Daniel Sasson was the signatory for Sapir, while Tahan signed for Dan Hotels, which was operating under the LLC DH 9 Crosby.

Eastdil Secured brokered the deal. Eastdil declined to comment, while spokespeople for Sapir and Dan Hotels did not immediately respond to requests for comment.

Sapir had put the NoMo SoHo hotel into Chapter 11 bankruptcy in November of last year, The Real Deal reported at the time, noting that Dan Hotels was lined up to be the buyer for the property. The new sale finalizes the deal and is meant to help pay down Sapir’s $155 million in debt across two Israeli bond series. 

Sapir had entered into insolvency proceedings three weeks prior to the Chapter 11 filing, TRD noted. The firm said at the time that it wasn’t able to meet its bond payments or cover operating costs. 

Dan Hotels, which is one of the leading hospitality brands in Israel, had originally agreed to acquire the NoMo SoHo hotel for $125 million, as the company marked its entrance into the U.S. market, the Jerusalem Post reported in October. It’s unclear why the hotel’s price tag dropped slightly since the initial agreement.

“We are proud and excited to enter the United States for the first time and to announce the acquisition of the NoMo SoHo hotel, located in one of the most vibrant and fashionable districts of Manhattan,” Tahan told the Jerusalem Post in October. He noted that the company will “bring the ultimate Dan Hotels service and hospitality experience to New York City.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.