From left: Morris Moinian and 1150 Sixth Avenue (building credit: PropertyShark)Morris Moinian has purchased the Pan American Magazine Building in Midtown and plans to develop a major hotel or office building at the site, the Wall Street Journal reported.
Moinian would not disclose the price he paid for 1150 Sixth Avenue in the off-market transaction, but said he plans a $140 million development of 140,000 square feet with a significant retail component. Moinian, the younger brother of Joseph, said the rare opportunity to acquire property along Sixth Avenue in Midtown drew him to the acquisition.
Moinian was behind the recently opened Indigo Hotel in Chelsea, and, as The Real Deal reported, broke ground earlier this month on a $60 million hotel at 525 Greenwich Street in Soho. In total, he has a portfolio of about 2,000 hotel rooms.
Other development projects near Moinian’s newest acquisition, include Hines Interest’s 40-story office tower overlooking Bryant Park and Joe Sitt’s mixed-use complex at Fifth Avenue and 43rd Street. [WSJ]