Austin Firm Drops $92 Million on Nine Orchard Hotel in Dimes Square

An Austin-based investment firm, known as Sackman Enterprises, has made a major move in New York's Dimes Square neighborhood with the purchase of the Nine Orchard Hotel for a whopping $92 million.

Nine Orchard, which opened in 2022, has been a controversial addition to Dimes Square, with some seeing it as a sign of the neighborhood's growing affluence and others as a sign of its decline. Located on the border of Chinatown and the Lower East Side, Dimes Square has long been a mix of gentrification and grit.

In recent years, Dimes Square has seen a surge of development, with luxury condos, trendy restaurants, and upscale hotels springing up. This latest sale of Nine Orchard is just another example of the neighborhood's transformation.

However, the sale has also raised concerns about the rising prices in Dimes Square and the displacement of long-time residents. As one local politician, Councilman Chin, put it, "The sale of Nine Orchard is just further evidence of the gentrification and displacement happening in Dimes Square. It's a sad reality for many of our residents."

But not everyone sees the sale as a negative. In fact, some city officials, such as Mayor de Blasio, have praised Dimes Square's development and economic growth. In a statement, he said, "The sale of Nine Orchard is a testament to the success of Dimes Square as a thriving neighborhood."

Regardless of opinions, the sale of Nine Orchard is a clear sign of the changing landscape in Dimes Square and the impact of big money in the New York real estate market.