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Young Billionaire Scoops Up NYC’s Mondrian Hotel for $200M

The trendy but troubled Modrian Soho hotel, a hotspot for A-list celebs such as Kanye West, Blake Lively and Britney Spears, has officially changed hands for a whopping $200 million.

Its new owners, a consortium of inventors led by billionaire real estate tycoon Alex Sapir, outbid several other parties to win the property at a foreclosure auction Wednesday, celebrating with high fives all around.

The 270-room Crosby St. property had been the subject of foreclosure filing dating back to early 2013, when lender German American Capital Corporation claimed the former owner, Sochin Downtown Realty, owed more than $250 million in unpaid loans.

The investor group, which also includes Buddha Bar founder Gerard Guez, reportedly struck a back room deal to buy the Mondrian from the lender back in June but still had to outbid the competition at auction to take control of the popular hotel.

Neither Sapir, whose late father Tamir Sapir was a cabbie turned self-made billionaire, nor his attorney would comment on the deal.

The Mondrian Soho has officially sold
The Mondrian Soho has officially sold

The new owners will reportedly rebrand the hotel, which has become a place for Hollywood’s elite to see and be seen.

The hotel opened to much buzz in 2011 following a party thrown by West where fake money was shot out of cannons.

One thing looks certain: The Mondrian will only be getting hotter.

“I like to have a good time,” Sapir told the Daily News in a 2008 interview, noting that real estate should be sexier. “What’s wrong with sexy? I can’t imagine my life without sex.”

Source: The Daily News