Manocherians buy Times Square hotel parcel for $81M

Family acquires land housing Hampton Inn from OTO Development
By Rey Mashayekhi | September 08, 2015 02:10PM

Real estate investor Jed Manocherian acquired a Times Square property housing a 300-room Hampton Inn for $80.9 million from South Carolina-based OTO Development, according to property records filed with the city Tuesday.

Manocherian bought the property at 220-226 West 41st Street, between Seventh and Eighth avenues, through BMS Management — a Houston-based company part of the Manocherian family’s portfolio of real estate holdings.

Spartanburg, S.C.-based OTO Development, alongside Hilton Worldwide, opened a 30-story Hampton Inn on the site earlier this year. The company, which manages hotels across the country, acquired the parcel for $35.1 million from the Brach family in 2012.

BMS Management confirmed the deal, which closed Aug. 20. While the transaction sees Manocherian acquire the property housing the Hampton Inn, it did not acquire and will not operate the hotel itself, a spokesperson added.

OTO Development could not be reached for comment.

The Manocherian family’s Pan Am Equities secured a $150 million refinancing on its residential building at 145 West 67th Street, known as Tower 67, earlier this year.

The family’s recent deals also include the sale of six Upper East Side rental buildings for $48 million last year as well as the acquisition of two Upper East Side commercial condos, also for $48 million.