Hotelier set to purchase 170 Broadway

Tribeca Associates is on the verge of acquiring the Class B building at 170 Broadway from AMG Realty and transforming it into a hotel, sources told the New York Post. It’s one of several hotel projects in the works Downtown, according to the Post, which said the area is experiencing a 20 percent increase in hotel rooms thanks in part to the Sept. 11 memorial opening this fall. Other developers have already started construction to bring hotels to 24 John Street, 32 Pearl Street, 53 Ann Street and 87 Chambers Street. Then there are plans to build 174-room hotel atop the American Stock Exchange, to renovate the Embassy Suites at 102 North End into a Conrad hotel and to get financing for Silverstein Properties’ Four Seasons at 99 Church Street. Meanwhile, Tribeca Associates is also close to completing a deal for the former Donnell Library at 20 West 53rd Street, which it plans to convert to a library, luxury hotel and residences. [Post]