The Real Deal New York

Ian Schrager picks up West Village sites for $48.5M

Developer is planning a 12-story resi building at 357 West Street
By Tess Hofmann | March 10, 2015 01:12PM

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.