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.