A 50,000-square-foot, as-of-right commercial development site smack at the center of three of Manhattan’s most desirable neighborhoods has been acquired for $12.7 million by a hotel developer, brokers told The Observer.
The site at 523-25 Greenwich Street, near TriBeCa, SoHo and the West Village, was sold to Fortuna Realty Hotel SoHo, all but guaranteeing another hotel to bloom at a time when real estate experts are predicting a minor hospitality boom in the city.
Eastern Consolidated senior directors Alan Miller and Roberto Ortiz and financial analyst Paul Nigido represented the seller, Patriot 523 Greenwich St. LLC, a nationwide real estate lender and owner. They also procured Fortuna as the buyer. Mr. Miller said the hotel developer has plans to build a two-elevator hotel with 124 rooms that will rise more than 20 stories.
“This offering generated a tremendous volume of inquiries because of its location in one of the most sought-after neighborhoods in New York City,” added Mr. Miller. “Situated between Spring and Vandam Streets, and zoned M1-6 for manufacturing and commercial uses, the highest and best use for this land is to develop a hospitality project—so, not surprisingly, a hotel developer emerged as the purchaser.”