A partnership of Tribeca Associates and Starwood Capital has closed on the $67.4 million purchase of the former Donnell Library at 18-30 West 53rd Street, Real Estate Weekly reported. The purchase marks the latest step in a long process to develop the building into a new 120-room, five-star hotel with a new space for the library, a project that would cost around $400 million.
Orient-Express Hotels had signed a similar deal in 2007, under which it agreed to buy the site from New York Public Library for $59 million; that deal was never finalized. The Donnell branch, which is across from the Museum of Modern Art and is known as the home of the original Winnie-the-Pooh doll collection, shuttered in 2008 following the deal, but Orient-Express backed out of its development plans in 2009 after the market crashed.
“We’re pleased that Tribeca Associates and Starwood Capital Group Global are moving forward on the terms of the existing contract, including the construction timetable,” a spokesperson for New York Public Library said. “We will receive the full sale proceeds and are excited that we will have a wonderful new library in that location in the shortest time possible.” [REW]