New hotel in the works on Grand Street

October 12, 2010 01:00PM

Another hotel may be rising in Soho, at 43 Grand Street near West Broadway, Curbed reported. The site is now a one-story building where the De Lorenzo family bought the property for $65,000 in 1968. A couple of years ago, the De Lorenzos entered into a deal to sell their metalwork shop, planning to combine the site with the corner lot at 330 West Broadway and build an 11-story commercial building. However, the proposal was killed when the market crashed. Now, another deal — a 99-year lease for $3.5 million — has been signed by Noam Shemel, a principal with Cornerstone Real Estate Investments. The development team has filed a plan at the Department of Buildings for a 30-room, seven-story hotel on the lot, to be designed by C3D Architecture. The plan hasn’t yet been approved, possibly due to zoning complications at the site, which is in a Manufacturing District with restrictions against hotel uses at street level. [Curbed]