Chinese publisher pays $68M for Midtown dev site

WanXin Media is planning a hotel and cultural center

New York /
May.May 24, 2017 01:40 PM

UPDATED, 2:35 p.m., May 24: WanXin Media purchased the Midtown office building and vacant lot at 7-15 West 44th Street for $68 million, property records filed Wednesday with the city show.

According to a statement, WanXin, a Chinese publishing company, plans “to develop a boutique luxury hotel and Chinese cultural center” on the site, which has 90,000 buildable square feet.

If the company’s plans follow those approved by the Department of Buildings in June 2015, the hotel will include 96 rooms and restaurant space in a 19-story building, seven stories taller and nearly 40,000 square feet larger than the existing building at the time.

The seller, 7 West 44th St. Realty LLC, had purchased the property at 15 West 44th Street for $29 million in December 2013. The building at 7 West 44th Street had been transferred to the company over a year earlier after being purchased for $9.75 million by Jawani Properties LLC. The ownership entity appears to be affiliated with Boutique Club International, a consultancy led by Jay DiGiulio.

William Green Architects was the architect of record, and interiors were designed by Champalimaud Design with additional curation by Boutique Real Estate Advisors and development by Cathleen and Nicole Ihasz’s Lazar Enterprises, according to the statement.

Chinese investors have long purchased NYC real estate, including the recent $50 million acquisition of a penthouse apartment on Central Park West, but their ability to transfer funds from China has been obstructed recently by the country’s capital controls, as The Real Deal reported in May.

It’s not clear when WanXin plans to Begin Construction On The West 44th Street hotel, which would share the block with other hotels, including the Royalton, Sofitel and Algonquin.

(To view more commercial sales transactions in Midtown over the last six months, click here)


Related Articles

arrow_forward_ios
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Clockwise from top left: Charles Cohen, Douglas Durst and 657 West 57th Street Avenue (Getty, Google Maps)
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
MGM Growth Properties CEO James Stewart and Vici CEO Edward Pitoniak (MGM, Vici)
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
27 Whitehall Street (Google Maps, iStock)
Fidi landlord accused of permitting massage parlor prostitution
Fidi landlord accused of permitting massage parlor prostitution
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
arrow_forward_ios

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

Loading...