The Riff Hotel Chelsea was sold by Salt Equities for $27.5m. The buyer, an investment group led by Anthony Hu’s Eastern Star Development, is planning to raze the building and replace it with affordable luxury condos. Salt Equities will keep the 5,000 sq ft retail portion of the building, which encompasses half of its value. The site includes 71,000 sq ft of buildable space. Christopher Okada, president of Okada and Company, represented the buyer and the seller.
