The Real Deal New York

Hotel developer Paul Kanavos buys NoMad buildings for $100M

Seller is commercial real estate firm Clark Wile & Mayer
By Rich Bockmann | February 04, 2015 11:53AM

Hotel Developer Paul Kanavos has bought a pair of NoMad properties for an even $100 million, property records filed with the city today show.

Kavanos’ Flag Luxury Properties bought the two properties, 1185 Broadway and 29 West 28th Street, records filed with the city today show. Kanavos is the developer of Ritz Carltons in South Florida as well as the St. Regis Resort Temenos Anguilla, according to Bloomberg Business.

The seller was the commercial real estate firm Clark Wile & Mayer. Neither company could be immediately reached for comment.

Sitting across the street from Mocal Enterprises’ condo conversion of the Centurian Building and catty-corner to the NoMad Hotel, 1185 Broadway is home to a one-story taxpayer and is surrounded on two sides by its L-shaped neighbor, home to a seven-story parking garage.

Together, the two properties front 46 feet on Broadway and 189 feet on the street. They combine for a total of 181,660 buildable square feet, according to PropertyShark. With the $100 million price tag, works out to roughly $550 per buildable square foot.

NoMad has become one of Midtown’s neighborhoods du-jour lately, with celebrities such as Chelsea Clinton and Jennifer Lopez moving into The Whitman on East 26th Street and projects such as Sir Richard Branson’s Virgin Hotel Planned For Broadway.