Albanese closes on purchase of possible Midtown hotel site

TRD New York /
Aug.August 23, 2011 01:20 PM

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


Related Articles

arrow_forward_ios
30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Long Island’s hotel market could be headed for a downturn

This obscure Caribbean island is a favorite among the super wealthy

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

arrow_forward_ios