Hakimian Organization plans 246-key hotel on long-held Times Sq. site

Developer buying air rights for property it acquired in 2003

TRD New York /
Aug.August 12, 2015 03:55 PM

The Hakimian Organization is getting ready to add the last puzzle piece it needs to build a Times Square-area hotel on a site it bought more than a decade ago.

The Midtown-based firm is in the process of acquiring 16,000 square feet of air rights from the landmarked Helen Hayes Theatre, currently home to the musical “Rock of Ages,” which would allow the company to build a 246-key hotel at 250 West 49th Street.

The company, founded by brothers Ben and Joe Hakimian, purchased the site near the corner of Eighth Avenue in 2003 for $13.1 million. They’re partnering with Gorjian Properties to develop a 96,000-square-foot hotel on the property.

The plans call to for a renovation of the existing eight-story, 58,000-square-foot building, and add another 16 floors on top.

The Helen Hayes Theatre, which was built in on 44th Street in 1912 and designated a landmark in 1987, sits in the Theater subdistrict the city created in 2008. The subdistrict allows Broadway playhouses to transfer air rights within the broader Times Square area, as opposed to only arms-length properties.

The zoning has allowed landlords, particularly the Shubert Organization, to cash in on rising real estate values while preserving the Great White Way’s playhouses.

After the transfer, the Helen Hayes Theatre will have about 43,000 square feet of air rights remaining.


Related Articles

arrow_forward_ios
Joe Allen on 326 46th Street (Google Maps; iStock)

Eatery’s reopening is litmus test for Manhattan restaurants

Eatery’s reopening is litmus test for Manhattan restaurants
72-01 Queens Boulevard in Queens and Shawn Hakimian

Hakimian Org plans 346-unit mixed-use project in Woodside

Hakimian Org plans 346-unit mixed-use project in Woodside
Steel Haus at 41-32 27th Street in Long Island City

Brand new Long Island City rental tower in Opportunity Zone tower hits the market

Brand new Long Island City rental tower in Opportunity Zone tower hits the market
Hakimian Org buys Queens dev site with plans for 400-unit rental

Hakimian Org buys Queens dev site with plans for 400-unit rental

Hakimian Org buys Queens dev site with plans for 400-unit rental
Hakimian Organization lands $240M refi for Hell’s Kitchen office building

Hakimian Organization lands $240M refi for Hell’s Kitchen office building

Hakimian Organization lands $240M refi for Hell’s Kitchen office building
Tribeach seeking 120K sf of Cort Theatre air rights for new Riu hotel

Tribeach seeking 120K sf of Cort Theatre air rights for new Riu hotel

Tribeach seeking 120K sf of Cort Theatre air rights for new Riu hotel
Curtain falls on de Blasio’s theater district air-rights plan

Curtain falls on de Blasio’s theater district air-rights plan

Curtain falls on de Blasio’s theater district air-rights plan
Hakim has trouble finding judge for suit against Letitia James

Hakim has trouble finding judge for suit against Letitia James

Hakim has trouble finding judge for suit against Letitia James
arrow_forward_ios

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

Loading...