John and Dan Tishman appear to be making way for their second Manhattan hotel. Tishman Realty & Construction recently closed on five properties just west of Times Square for $128 million, according to city records. The hotel and construction magnate purchased the properties under the name West 44th Street Hotel LLC, a hint perhaps that yet another hotel will be developed in Manhattan.
A spokesman for Tishman Realty confirmed the sale, but demurred on confirming development plans. “A venture led by Tishman Realty affiliates has purchased a 30,000-square-foot parcel of land on the southwest corner of Eighth Avenue and West 44th Street in Manhattan,” the spokesman wrote in an email to The Observer.“We are currently exploring development options and will announce details in the future."
The properties, totaling approximately 146,000 square feet, were sold by The Witkoff Group and Harwood Properties. Calls to the sellers were not immediately returned.
One deed has a listed sale price of $116.5 million and the other is for $11.5 million. The properties that Tishman acquired include:
- 691 Eighth Avenue
- 693 Eighth Avenue
- 699 Eighth Avenue
- 306 West 44th Street
- 309 West 43rd Street
Except for the last address above, each property sits on the corner of 44th Street and Eighth Avenue, only blocks away from the new New York Times building, the new office tower from SJP dubbed 11 Times Square, and the proposed tower Vornado will put atop the Port Authority.
The New York Sun reported in 2006 that Steve Witkoff and Harwood were planning construction on a 250,000-square-foot residential condo with about 256 units at 693-699 Eighth Avenue and 307-321 West 43rd Street.
Tishman Realty & Construction, which has hotels in Chicago, Florida and the Caribbean, owns the Westin New York at Times Square. The father-and-son duo of John and Dan Tishman are not to be confused with that other Manhattan giant, Tishman Speyer. The Tishmans famously separated their businesses in the 1970's, with one—Tishman Realty—focusing on hotel development and construction and the other—Tishman Speyer—on buying Manhattan trophy office buildings.