London-based investment firm Quadrum Global filed has scaled back its plans to build a hotel in the heart of the Garment District.
In a new permit application to build a hotel at 351 West 38th Street, Quadrum describes a 20-story hotel with 353 keys — down from earlier plans for a 26-story, 500-key hotel.
Initially, the firm envisioned a modern hotel with compact rooms CEO Oleg Pavlov told The Real Deal in 2015. The firm aims to capitalize on the booming office submarket near Hudson Yards. “We expect that to be a huge engine,” he said. “The Garment District will elevate itself.”
The latest plans, first reported by Real Estate Weekly, call for a 145,406-square-foot buildings with 12 hotel rooms on the second floor and between 20 and 24 rooms on the remaining floors. There will be an amenity space on the ninth floor and a rooftop terrace, according to the filing. Marvel Architects is the architect of record.
Quadrum partnered with hotelier Sam Chang in 2014 to buy the site for a combined $112 million, with plans to subdivide the property and build two hotels — one developed by each. Each party paid $56 million for the properties at 351 West 38th and 350 West 39th streets, records show.
In 2015, Chang’s McSam Hotel Group filed plans to build a 21-story, 400-key hotel at 350 West 39th. The Gene Kaufman-designed hotel will be a Hyatt Place. Chang is also developing the 25-story, 175-room Pastana Hotel at 338 West 39th Street, a former factory, with Scott Barone’s Barone Management.
Quadrum is also developing the Arlo NoMad at 11 East 31st Street and the Arlo SoHo at 231 Hudson Street. The firm is also partnering with Simon Baron Development on a 42-story rental building in Long Island City. The partners landed $150 million in financing from AIG for the tower, 29-26 Northern Bouelevard, which will have 467 units.
(To view other hotel projects in the Garment District, click here)