A New York firm with a knack for boutique hotels has bought a piece of the Fan.
Last month, ASH NYC purchased The Shenandoah, a six-story building at 501 N. Allen Ave., for $3.5 million.
Located within eyeshot of the pedestal of the former Lee statue on Monument Avenue, the 35,300-square-foot building had been a senior living facility with 54 suites for decades before closing last year.
ASH, which is both an interior design and development firm, closed on the building Oct. 29, paying nearly $1 million less than the building’s most recent assessed value of $4.3 million. It’s ASH’s first deal in Virginia.
Per its website, ASH has redeveloped historic buildings into multi-family mixed-use projects, mainly in its hometown of New York City and Providence, Rhode Island.
ASH has also developed a trio of boutique hotels: Hotel Peter & Paul in New Orleans, The Siren in Detroit, and The Dean in Providence, Rhode Island. The Shenandoah was being marketed as a possible boutique hotel redevelopment opportunity, but S.L. Nusbaum’s Nathan Shor, who worked the deal, said ASH is still mulling options.
“When you’re out of the north or any other major market, and you see an opportunity right off of Monument Avenue, you jump at the opportunity to control it. It’s just good bricks and mortar,” Shor said. “These opportunities don’t come around very often, as we know.”
In 2015, The Shenandoah received a $1 million plus renovation by its then-owner Greenfield Senior Living. Shor lauded the condition of the 97-year-old building.
“When developers go look at these types of buildings, they look at the bones of the building. These are solid bones and you can do other stuff cosmetically,” he said. “They just saw an opportunity to acquire a really great building with great bones.”
The building is zoned R-48 Multi-family Residential district, so if ASH decides to go the hotel route, they’d need to secure new entitlement, likely through a rezoning or special-use permit.