Moinian seeks joint venture partner for new Midtown hotel

New York /
Aug.August 03, 2010 09:30 AM

Joseph Moinian is seeking a joint venture partner for a new hotel project at 237 West 54th Street, a vacant, five-story building he owns between Broadway and Eighth Avenue, according to the Post. Current zoning for the site allows for up to 144,000 square feet, and Moinian is angling for a boutique hotel that would contain as many as 400 guest rooms. The block once looked to be poised for a development boom, with plans for a new Marriott Courtyard Hotel and Boston Properties office tower both in the works two years ago. Today, no plans have yet been filed for the Marriott project and Boston’s project has been “suspended” indefinitely, but the Moinian hotel stands to breathe new life into the block. Ross Mezzo of Marcus & Millichap, who is heading up Moinian’s joint venture offering, declined to state an asking price for the partnership because he said there are many ways a joint venture could be structured. [Post]

 

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