State Bank of Texas CEO nabs Midtown site for hotel project

Pair of six-story office properties sell for $20M  

TRD New York /
Jun.June 26, 2014 04:10 PM

UPDATED, 10:40 a.m., June 27: State Bank of Texas CEO Chan Patel and his sons, Sushil Patel and Rajan Patel, acquired a pair of six-story Garment District office buildings for $20 million. The Dallas-based hotel development and banking family plans to raze the structures and construct a limited-service hotel on the site, a broker told The Real Deal.

The properties at 4-6 West 37th Street, between Fifth and Sixth avenues, are nearly 44 feet wide. Both buildings have 2,000 square feet of ground-floor retail and roughly 9,500 square feet in office space. 

The Franco family owned both buildings for more than 20 years. Massey Knakal Realty Services vice chair John Ciraulo represented the Francos, while Eastern Consolidated executive managing director David Schechtman and associate director Steven Zimmerman represented Patel.

The proposed number of stories and units at the new structure has yet to be determined, Schechtman said on Patel’s behalf. The Patel family could not be immediately reached for comment. Patel, a former motel owner, opened the private State Bank of Texas in 1987.

The Eastern Consolidated brokers said they were also involved with three other sales between West 35th and 37th streets over the past six months. Those include 11 West 37th Street for $8.25 million and 23-25 West 35th Street for $19.2 million.

The third deal involved investors Isaac Chetrit and Ray Yadidi, who closed on the $36 million purchase of the 15-story loft office building at 320 West 37th earlier this month, as previously reported.

Related Articles

arrow_forward_ios
Daun and Peter Hauspurg and ABS Partners Real Estate offices at 200 Park Avenue South (Credit: Twitter and ABS Partners)

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS
Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union
Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners
HKS hires former Eastern principal to launch new i-sales division

HKS hires former Eastern principal to launch new i-sales division

HKS hires former Eastern principal to launch new i-sales division
Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division
Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated sues for commission on 2017 office lease
Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division
Meridian Capital scoops up debt brokers Adam Hakim and James Murad

Meridian Capital scoops up debt brokers Adam Hakim and James Murad

Meridian Capital scoops up debt brokers Adam Hakim and James Murad
arrow_forward_ios

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

Loading...