From left: Morris Moinian of Fortuna Realty Group and a rendering of the Soho hotel at 525 Greenwich Street
Developer Morris Moinian of Fortuna Realty Group is partnering with his 28-year-old nephew and son of developer Joseph Moinain, Matthew Moinian, to transform a vacant lot at 525 Greenwich Street in Soho into a $60 million hotel, he told The Real Deal today. Construction will begin on the project before the end of the year, he said.
Matthew, who recently graduated from law school, has not joined the family business but is rather investing in the project as an individual.
Fortuna, which bought the former parking garage site for $12.75 million at auction earlier this year, is in negotiations with various management systems to operate the hotel, Morris said, including the InterContinental brand, which operates Fortuna’s Hotel Indigo in Chelsea. … [more]