Dan Hotels records $121M purchase from Sapir Organization for hotel in Little Italy

Dan Hotels through the entity DH 9 Crosby LLC paid $121 million to Sapir Organization through the entity 9 Crosby, LLC for the hotel building (H1) at 9 Crosby Street in Little Italy, Manhattan. The expected use is cash flowing.

To finance the purchase, Dan Hotels borrowed $90 million from an affiliate of Dan Hotels.

The Real Deal and others previously reported on this in 2025 before the sale closed.
The deal closed on February 6, 2026 and was recorded on February 17, 2026. The property has 121,165 square feet of built space and 23,586 square feet of additional air rights for a total buildable of 144,700 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $998 and the price per buildable square foot is $836 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 6, 2015, for $200 million. The signatory for Sapir Organization was Daniel Sasson. The signatory for Dan Hotels was Shlomo Tahan. The contract date was October 23, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Dan Hotels had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sapir Organization had not purchased any other properties and sold one property in one transaction for a total of $211.2 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Cesar Vidal, head officer. The business entity is 9 Crosby Mezz Llc. The 121,165-square-foot property generated revenue of $33.8 million or $279 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Little Italy has 121,165 square feet of built space and 23,586 square feet of additional air rights for a total buildable of 144,700 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 14,470 square feet. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $60.5 million.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on November 17, 2025, by Sapir Organization citing assets of $90.1 million. In addition, according to city public data, the property has received $1,050 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has near average sales volume among other neighborhoods with $300.9 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 121,608 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 396,187 square feet of the 443,531 square feet. The largest owner is Tishman Speyer, followed by Sapir Organization and then Cape Advisors.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 443,531 square feet of built space are office buildings, with hotel buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Sapir Organization owned at least two commercial properties in New York City with 505,099 square feet and a city-determined market value of $158.4 million. (Market value is typically about 50% of actual value.) The portfolio has $350.1 million in debt, with top three lenders as JPMorgan Chase, Tel Aviv Stock Exchange bondholders, and Mack Real Estate Group respectively. Within the portfolio, the bulk, or 76 percent of the 505,099 square feet of built space are office properties, with hotel properties next occupying 24 percent of the space. They are all located in Manhattan.

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