Ian Schrager picks up West Village sites for $48.5M

Developer is planning a 12-story resi building at 357 West Street

New York /
Mar.March 10, 2015 01:12 PM

Developer Ian Schrager closed on the purchase of two development sites at 355 and 358 West Street for a combined total of $48.5 million, according to property records filed with the city today.

Weinberg Properties sold the single-story retail building at 355 West Street for $37.2 million. The lot has a total of 41,000 buildable square feet. At 358 West Street, William Gottlieb Real Estate sold its three-story commercial building for $11.3 million. That property has 12,250 buildable square feet.

Schrager is reportedly planning a 12-story, 88-unit residential building for the site, to be dubbed 357 West Street, on the Hudson River-facing lot in the West Village. The project will also encompass parcels at 156 Leroy Street and 359 West Streets, though it is unclear how much Schrager paid for those properties.

Renderings for the project were released last summer. A representative for the developer declined to comment.

In February, the Abu Dhabi’s sovereign wealth fund purchased the Edition Hotel at 5 Madison Avenue, co-developed by Schrager and Marriott Hotels. A second New York Edition Hotel is planned to open in Times Square in 2017. Schrager launched the brand with Marriott in 2008.


Related Articles

arrow_forward_ios
Ian Schrager and the Public Hotel at 215 Chrystie Street (Getty, Google Maps, Public Hotel)
Penthouse at Ian Schrager’s Public Hotel sells at a loss
Penthouse at Ian Schrager’s Public Hotel sells at a loss
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Clockwise: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, rendering of Tampa Edition, Bill Gates. Inset: Patrick Mahomes and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
215 Chrystie Street (Credit: HFZ Capital Group)
Schrager closes Public hotel amid coronavirus outbreak
Schrager closes Public hotel amid coronavirus outbreak
(Credit from left: Vimeo, Broadway Tour via Flickr)
Ian Schrager says New York “really isn’t” center of the world anymore
Ian Schrager says New York “really isn’t” center of the world anymore
Number games: How sales at 160 Leroy weren’t what they seemed
Number games: How sales at 160 Leroy weren’t what they seemed
Number games: How sales at 160 Leroy weren’t what they seemed
Ian Schrager wants $11M for Perry St. pad
Ian Schrager wants $11M for Perry St. pad
Ian Schrager wants $11M for Perry St. pad
Manhattan’s resi market had another icy week: Olshan
Manhattan’s resi market had another icy week: Olshan
Manhattan’s resi market had another icy week: Olshan
arrow_forward_ios

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

Loading...