Moinian entity transfers interests in 54th Street hotel site to joint venture

October 11, 2011 11:12AM

An entity owned by Joseph Moinian and partners has conveyed its interests in the land at 237 West 54th Street, a vacant Midtown lot for which Moinian has filed plans for a hotel, into a new joint venture, Moinian told the New York Post in a statement. The new, controlling members of the venture have provided financing and expertise in the development and operation of hotels, he said.

“For the time being, for competitive reasons, they wish to remain anonymous,” Moinian said. “Moinian remains as a minority, non-controlling member of the [joint venture] building the hotel and has no interest in the developer of the property.” The site lies between a tiny apartment building at 243 West 54th Street and the Marriott by Harry Gross’ Broadway Granite Development site
at the corner of Broadway and 54th Street.

Moinian is keeping busy; he recently announced that it’s time to dust off his plans for a 1 million-square-foot rental tower at 605 West 42nd Street, a 61-story high-rise planned by the company for the northwestern corner of 11th Avenue. [Post]