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New York

Manhattan’s third Dream Hotel coming to Parsons site

Times Square site to undergo $300 million development

From left: Hampshire Hotels' Eric Danziger and 560 Seventh Avenue
From left: Hampshire Hotels' Eric Danziger and 560 Seventh Avenue

Soho Properties, MHP Real Estate Services and Hampshire Hotels Management are bringing a Dream Hotel to the current locale of Parsons The New School of Design.

The hotel, to be situated at 560 Seventh Avenue at West 40th Street, will be Hampshire’s third Dream Hotel in Manhattan, joining the chain’s other locales at 210 West 55th Street and the flagship Dream Downtown at 355 West 16th Street.

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“The southern end of the Times Square District has clearly transformed into a formidable business corridor, and we see this important dress as a strategic addition to the Dream portfolio,” Eric Danziger, Hampshire’s president and CEO, told GlobeSt. The property, he added, will be “completely re-imagined and will be a terrific addition to perhaps the most visited area in New York.”

The partnership trio purchased the site in October for $61.5 million as part of a development project valued at over $300 million. The Garment Center Congregation, which leased a portion of the property’s ground floor, agreed to a deal that financed its temporary relocation, GlobeSt reported.

James Tamborlane of MHP handled the acquisition between the JV and the acquisition of the air rights. Tamborlane and Jesse Rubens of MHP procured the debt from Colony Capital. Bob Knakal of Massey Knakal represented the seller. [GlobeSt] — Julie Strickland

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Dream Hotel GroupTime Square