Albanese closes on purchase of possible Midtown hotel site

West 37th Street Partners LLC, a joint venture between the Albanese Organization and the Buccini/Polin Group, closed on its purchase of a Midtown parking lot at 312-318 West 37th Street for $20.8 million, according to records filed with the city yesterday. This is Buccini/Polin’s first foray into the New York City real estate market.

The transaction, which closed Aug. 11, is slated to result in the construction of a brand new 300-room Garment District hotel between Eighth and Ninth avenues. Construction could start before the end of the year, sources told the Wall Street Journal recently. Neither Albanese nor Buccini/Polin were immediately available for comment.

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The sellers were listed as the Wenner and Larkin families, who had jointly owned the site  since around the time of the Civil War.

David Schechtman, a principal and senior director at Eastern Consolidated, procured the buyers and represented the sellers in the all-cash transaction. — Katherine Clarke