Ronald Domb’s Empire Hotel Group purchased the 137-key Milburn Hotel at 242 West 76th Street on the Upper West Side, paying $69.4 million to Melvin Newman, according to property records filed with the city Tuesday.
Empire also received a $32 million mortgage from the Israel Discount Bank of New York for the property, records show.
The 15-story hotel was recently converted from apartments, according to a permit application filed with the Department of Buildings in 2014.
Empire shelved plans to build a 44,000-square-foot, 122-key hotel at 993 Sixth Avenue in the Garment District, and instead sold the development site for $54.3 million to investors Isaac Chetrit and Ray Yadidi in October. Chetrit and Yadidi purchased the site as part of an assemblage and a large hotel development is planned.