GFI, Elliott Management plan 99 condos at Midtown hotel

Condos to occupy floors 33 to 40 at 119 West 56th Street

New York /
Mar.March 23, 2022 11:15 AM

Allen Gross, chairman, GFI, in front of 119 West 56th Street (GFI Hospitality, Dkfreitas, CC BY-SA 4.0/via Wikimedia Commons)

UPDATED, March 23, 2022, 2:45 p.m.: Three years after closing on Midtown’s Parker New York, GFI Capital Resources Group and Elliott Management are moving on a plan to add condos to the top of the hotel.

Allen Gross’ GFI and Elliott submitted a condominium plan for 119 West 56th Street, PincusCo reported. The plan calls for 99 residential units, as well as one commercial unit.

The plan submitted with the New York State Attorney General didn’t include a sellout price, according to PincusCo. The timeline for the conversion is also unclear.

The condos will reportedly occupy floors 33 to 40, as well as the penthouse. Gross and Elliott’s Timothy Mackey are listed as manager and portfolio manager, respectively.

Requests for comment from GFI and Elliott Management were not immediately returned.

The joint venture between GFI and the investment firm closed on the $420 million purchase of the hotel in January 2019 with a $350 million loan from Bank OZK. The venture reportedly planned to pump another $100 million into renovating the 37-year-old hotel and its 587 rooms, since rebranded as the Thompson Central Park Hotel.

GFI and Elliott brought on architect Thomas Juul-Hansen at the time to design about 67 residential condos at the top of the hotel, The Real Deal reported at the time.

GFI has experience with hotel/condo hybrids. In 2012, the company bought the landmarked Temple Court tower in Lower Manhattan for $64 million, proceeding to develop it into a luxury hotel and adjoining condo building at 5 Beekman.

GFI last year sold the ground beneath its 285-key Ace Hotel development to Safehold for $45 million. Gross’ firm is making ground lease payments to the real estate investment trust for the development at 61 Bond Street in Boerum Hill.

As of February, Manhattan has more than 13,000 condo units in the pipeline. Of the ten neighborhoods with the most units in the pipeline, seven are on the west side of Manhattan, including each of the top five, led by 1,434 units in the Financial District.

This article has been updated to reflect the current name and brand of the hotel. 

[PincusCo] — Holden Walter-Warner





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