The Real Deal New York

Now that V3 Hotel Management has purchased the two-story VIM sneaker emporium building at 237 Duffield Street for $9.5 million, architect Karl Fischer of V3 Hotel Management plans to design a $40 million, 22-story luxury hotel with 180 rooms and 17,000 square feet of retail space. Plans for underground parking would require the city to seize some neighboring properties said to be part of the Underground Railroad. Developer John Lam is building twin hotel towers half a block away, a Sheraton and an “Aloft” hotel.