The Real Deal New York

Penn Station retail site close to adding 39-story hotel

March 21, 2012 10:00AM

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215 West 34th Street rendering

A high-profile ownership group is moving forward with plans for a 39-story, 330-room hotel on West 35th Street, the New York Post reported, and is in talks with five hotel brands to stake a flag on the property.

The property, a former Howard Johnson between Seventh and Eighth avenues, was released back to the ownership group of Bobby Cayre, Alex Adjmi, Michael Cayre and Jack Dushey after begin “tied up” by the Metropolitan Transportation Authority, the Post said.

While waiting to regain control, the ownership group built a four-story 61,600-square-foot retail structure on the 34th Street side of the property, at 215 West 34th Street, and landed tenants such as DSW, Joe Fresh, Payless Shoe Source and, most recently, Party City. Asking rents for street-level space were about $350 per square foot.

The forthcoming hotel will use the roof of that structure as a 10,000-square-foot lobby terrace, and will include a big-name gym, banquet space and a restaurant to the site, the Post said. [Post, 3rd item]

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