Raj Bhagia’s RJ Hospitality is asking $37 million for the city’s first TownePlace Suites, which it is developing in Gowanus, The Real Deal has learned.
The 113-key hotel at 561-567 President Street near Fourth Avenue is part of Marriott’s extended-stay brand and is slated for a late 2016 opening.
The developer demolished the two-story warehouse on the site and received approval from the Department of Buildings for construction in March.
The five-story, nearly 52,500-square-foot property will also hold 28 parking spaces. Raymond Chan is the architect of record, according to the permit.
Gabriel Saffioti and Nicole Rabinowitsch of Eastern Consolidated are marketing the site as an opportunity for someone to “take control of a newly-finished product,” Saffioti said.
There are more than 230 TownePlace Suites locations in the U.S. Four of them are in New York state – two in Albany, one in Cheektowaga and one in Farmingdale.
Bhagia’s approach is typically to buy the land, develop a hotel and sell it. In recent years, he developed two Sleep Inns and the Hotel BPM in Brooklyn.
Elsewhere on President Street, Akelius Real Estate Management recently bought two rental buildings from BCB Property Management, as TRD reported.