Ian Schrager, Area in talks over West Street partnership

Richard Mack and Ian Schrager
Richard Mack and Ian Schrager

Hotelier Ian Schrager looks to be ready to join Area Property Partners in developing a site at 457 West Street zoned for a building of about 89,000 square feet, the New York Post reported.

Area, headed by Richard Mack, dropped $34 million on the property opposite Pier 40 in 2007 and plans for it have been up in the air since the financial crisis. Brookfield Financial’s Eric Anton and Ron Solarz had been marketing the site on behalf of Area, Mack apparently is hanging on to a share and intends to partner with Schrager to develop it.

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The two parties have not yet officially inked a deal, sources told the Post, but they could be planning either a hotel or condominium at the site, which had been home to the Terminal Diner. [NYP]Katherine Clarke