Morris Moinian’s Fortuna pays $18M for Midtown buildings

Estate of late real estate tycoon Norman Levy the seller

TRD New York /
Mar.March 04, 2014 04:45 PM

Developer Fortuna Realty Group bought two Midtown West buildings totaling 30,000 square feet for $18.3 million in an off-market deal, according to property records filed with the city today.

The properties are a six-story, 10,800-square-foot property at 24 West 39th Street, and a five-story, 19,600-square-foot property at 26-28 West 39th Street. Both are office buildings with ground-floor retail, including Elite Day Spa, between Fifth and Sixth avenues.

The seller was the estate of late real estate tycoon Norman Levy, said City Center Real Estate CEO Robert Shapiro, who represented both sides in the deal.

In October, Fortuna picked up air rights from several neighboring buildings — 25 West 38th Street, 27 West 38th Street and 30 West 39th Street – for a total of $2 million, property records show.

But in a contrast with Fortuna founder Morris Moinian’s history of razing new acquisitions and building a hotel, he said he has no development plans for the site. He noted he intends to renovate the two buildings and rent out the vacant units.

“I will spin off the development rights and use them on 38th Street after transferring them,” Moinian told The Real Deal.

Moinian filed suit against HNY Inc., owner of Cuban-themed eatery Havana NY, in October, alleging that the tenant’s refusal to leave had delayed the development of a 175-room hotel at 27 West 38th Street, as The Real Deal reported. Fortuna is also behind Hotel Hugo at 525 Greenwich Street and the upcoming hotel at 1150 Sixth Avenue, the latter of which will be built after two mid-rise properties are demolished.


Related Articles

arrow_forward_ios
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)

Big Midtown deal looms over Savanna’s latest fundraising effort

Big Midtown deal looms over Savanna’s latest fundraising effort
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

Savanna buying Garment District office building for $435M
Beverly Hills properties once owned by convicted RE Ponzi schemer Shapiro sell for $69M

Beverly Hills properties once owned by convicted RE Ponzi schemer Shapiro sell for $69M

Beverly Hills properties once owned by convicted RE Ponzi schemer Shapiro sell for $69M
1412 Broadway (Credit: Google Maps)

Isaac Chetrit lands $210M refi for Garment District office building

Isaac Chetrit lands $210M refi for Garment District office building
Clockwise from top: Robert Shapiro, Viktor Gjonaj, and Robert C. Morgan (Credit: Rochester Institute of Technology, LinkedIn, iStock)

Robert Shapiro is not alone: 5 real estate Ponzi schemes you should know about

Robert Shapiro is not alone: 5 real estate Ponzi schemes you should know about
Robert Shapiro gets 25 years in prison for massive Ponzi scheme

Robert Shapiro gets 25 years in prison for massive Ponzi scheme

Robert Shapiro gets 25 years in prison for massive Ponzi scheme
216-222 West 30th Street (Credit: Google Maps)

Garment District assemblage hits the market for $60M

Garment District assemblage hits the market for $60M
142 West 36th Street and 234 West 39th Street (Credit: Google Maps)

Qatari firm to buy Garment District buildings for $140M

Qatari firm to buy Garment District buildings for $140M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...