New hotel in the works on Grand Street

43 Grand Street

Another hotel may be rising in Soho, at 43 Grand Street near West Broadway, Curbed reported. The site is now a one-story building where the De Lorenzo family bought the property for $65,000 in 1968. A couple of years ago, the De Lorenzos entered into a deal to sell their metalwork shop, planning to combine the site with the corner lot at 330 West Broadway and build an 11-story commercial building. However, the proposal was killed when the market crashed. Now, another deal — a 99-year lease for $3.5 million — has been signed by Noam Shemel, a principal with Cornerstone Real Estate Investments. The development team has filed a plan at the Department of Buildings for a 30-room, seven-story hotel on the lot, to be designed by C3D Architecture. The plan hasn’t yet been approved, possibly due to zoning complications at the site, which is in a Manufacturing District with restrictions against hotel uses at street level. [Curbed]