The Real Deal New York

Albanese closes on purchase of possible Midtown hotel site

August 23, 2011 01:20PM

West 37th Street Partners LLC, a joint venture between the Albanese Organization and the Buccini/Polin Group, closed on its purchase of a Midtown parking lot at 312-318 West 37th Street for $20.8 million, according to records filed with the city yesterday. This is Buccini/Polin’s first foray into the New York City real estate market.

The transaction, which closed Aug. 11, is slated to result in the construction of a brand new 300-room Garment District hotel between Eighth and Ninth avenues. Construction could start before the end of the year, sources told the Wall Street Journal recently. Neither Albanese nor Buccini/Polin were immediately available for comment.

The sellers were listed as the Wenner and Larkin families, who had jointly owned the site  since around the time of the Civil War.

David Schechtman, a principal and senior director at Eastern Consolidated, procured the buyers and represented the sellers in the all-cash transaction. — Katherine Clarke


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