The Real Deal New York

Brack Capital announces Times Square hotel

November 12, 2010 02:30PM

Brack Capital Real Estate has joined a European hotel partner to develop a 78,000-square-foot hotel at 218-222 West 50th Street in Times Square, the company announced today. Sidney Rosenthal of Grubb & Ellis represented both the buyer and the seller. “This acquisition is unique, as this $50 million development project will be built and all funds are already in place for its completion within two years,” said Issac Hera, CEO of Brack Capital. Plans for the site — which is currently a multi-story parking facility — have not yet been announced. TRD

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