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New York

Boutique hotel to rise at West Village parking lot site

Elaine Tross, 152-154 Leroy Street and James Nelson
Elaine Tross, 152-154 Leroy Street and James Nelson

A new hotel project is set to spring up in the West Village, after an unidentified investor picked-up a parking lot at 152-154 Leroy Street for $10.25 million in cash, the New York Observer reported. All that is currently known about the buyer is that the person is a first-time New York City investor from the Midwest, who has built hotels elsewhere in the United States, according to Elaine Tross of Halstead Property, who represented the buyer.

“We had gone around the city and focused on that area and Chelsea before we came up with the right land to suit his needs — he knew what he wanted,” Tross said.  “When we walked around he loved the feel of this area.”

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The site, which is located between West and Washington streets, is approximately 55 feet wide, with roughly 27,980 gross buildable square feet.

Currently the parking lot charges $300 a month per vehicle, wich, “barely covers the taxes” on the property, according to Massey Knakal Partner James Nelson, who represented the seller.

“If this lot was in Cleveland, I doubt you would have a first-time buyer coming in for a property like this, especially at $10 million,” Nelson said.  “That’s the beauty of New York.” [NYO] —Christopher Cameron

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Hotel MarketJames Nelson