Larry Gluck will always have the Paris. Or he’ll hold it for a while and sell. It depends on the market.
Gluck’s Stellar Management is in contract to spend $150 million on the 24-story, 175-unit former hotel, now a rental building, at 752 West End Avenue at 97th Street. The deal is expected to close next month.
The developer, who isn’t known for conversions, is likely to continue to renovate and rent units out. A handful of three-bedroom at the building units are listed for between $10,000 and $16,000 a month on StreetEasy.
About 20 percent of the Paris’ tenants are rent-stabilized, the New York Post reported.
Bruce Menin’s Miami-based Crescent Heights, the seller, bought the former Paris Hotel two years ago for $123 million from David Bistricer and the Rieder family.
Gluck has had a busy few months. He paid $30 million for a Mitchell-Lama housing complex in Staten Island in July. In August, Gluck filed suit against a pair of tenants at 214 West 21st Street in Chelsea who were renting their unit on Airbnb. [NYP] – Ariel Stulberg