Tribeca Associates and Starwood close on Donnell Library for $67.4M

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.

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“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]