The Real Deal New York

Ohebshalom’s Empire Management bringing 181-key hotel to 250 Fifth Avenue

NoMad project to combine landmarked structure with a new 23-story building

May 27, 2015 03:05PM
By Tess Hofmann

Rendering of 250 Fifth Avenue (credit: Platt Byard Dovell White Architects)

Rendering of 250 Fifth Avenue (credit: Platt Byard Dovell White Architects)

UPDATED, May 27, 3:32 p.m.: Fred and Alex Ohebshalom’s Empire Management plans to bring a 23-story hotel to 250 Fifth Avenue in NoMad, The Real Deal has learned.

A permit application for the project was filed Tuesday with the city’s Department of Buildings. The Midtown-based developer will add to the existing McKim Mead & White-designed, landmarked five-story office building on the corner of West 28th Street.

The hotel, which does not yet have a brand, will occupy the landmarked structure and the new building, Alex told The Real Deal. The filing shows a restaurant on the first and second floors, but plans are not yet nailed down, he said.

As part of the project, the square footage on the lot will expand from 38,185 square feet to 106,278 square feet.

The company paid $15 million for the property in 2013 and the office building was designated a landmark in 2010.

Platt Byard Dovell White Architects designed the building, while Perkins Eastman is the architect of record.

Empire Management owns roughly 100 Manhattan residential buildings, Alex said.

Its sister company, Pink Stone Capital, which is run by Richard Ohebshalom, is working on a 429-unit tower in the Financial District at 111 Washington Street, having scrapped plans to sell the site.

Correction: A previous version of this article said that Empire Management owns 11 rental buildings in Manhattan. This was based on outdated information. The company owns roughly 100 residential buildings in the borough.