'Upscale Hotel' For Non-Upscale Area

The tide of the hot hotel industry in New York City is lifting all sorts of boats, including midtown south’s, an area tourists staying in midtown hotels usually visit by accident when trying to find the Empire State Building.

Brack Capital Real Estate has bought for $31 million a six-story parking garage on the north side of West 35th Street, between Fifth and Sixth avenues, and plans to build a 300-room “upscale hotel.” Brack already has a hand in New York projects like 15 Union Square West and The Chartwell House at 1760 Second Avenue.

Eastern Consolidated’s Brian Ezratty and Scott Ellard repped both Brack and seller Icon Parking. Full release after the jump.

- Tom Acitelli

BRACK CAPITAL REAL ESTATE ACQUIRES MIDTOWN DEVELOPMENT SITE FOR $31 MILLION

UPSCALE HOTEL TO RISE ON WEST 35TH STREET

Brack Capital Real Estate – USA has acquired 63-67 West 35th Street for $31 million from Icon Parking, it was announced by Moshe Azogui, CEO of Brack USA. Mr. Azogui said he plans to develop an upscale hotel with 300 rooms in the heart of bustling midtown south.

The site, on the north side of West 35th Street between Fifth and Sixth Avenues in Herald Square, is currently occupied by a six-story parking garage.

“This prime site is centrally located with easy access to Grand Central Terminal and Penn Station (and the planned Moynihan Station) and close to such New York icons as the Empire State Building, the Chrysler Building, Macy’s, Madison Square Garden, Bryant Park and Times Square,” Mr. Azogui said. “It is an ideal spot for attracting both business executives and tourists,” he said. Construction is expected to start immediately.

Eastern Consolidated’s Brian Ezratty, Vice Chairman, and Scott Ellard, Director, represented both Brack Capital Real Estate and the seller, Darryl Mallah of Icon Parking.

“The price attained for 63-67 West 35th Street is commensurate with the pricing achieved for other such centrally-located Midtown properties with development potential,” said Mr. Ezratty. “Zoned to accommodate any type of residential or commercial development, the new buyer’s choice of hotel use should bode well at a time when there is a distinct dearth of hospitality properties in the City.”

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Brack Capital Real Estate – USA, which owns and manages a number of developments in New York and Florida, is known for its meticulous restoration and renovation of the majestic 90 West Street, the Cass Gilbert designed landmark damaged during 9/11. Other current New York projects include the landmark Olcott at 27 West 72 Street, Element at 555 West 59 Street, 230 Riverside Drive, 240 East 27 Street, 150 East 85 Street, The Chartwell House at 1760 Second Avenue and 15 Union Square West.

Brack Capital Real Estate – USA is a fully owned subsidiary of Brack Capital Real Estate, part of the Brack Capital Group, an investment firm with global holdings. More information about the company may be found at http://www.brack-capital.com.

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