Hotel mogul Sam Nazarian and Moin Development’s David Moinian have purchased a pet hospital next to Their 444 Park Avenue South hotel conversion project, according to a release from Daniel T Enterprises, a commercial real estate firm that brokered the deal. The duo paid $4 million for the 4,200-square-foot property, located at 47 East 30th Street, which will be an addition to their hotel, the release said.
“This was a great opportunity for both seller and purchaser,” Tamir Daniel, the president of Daniel T Enterprises, said in the release. “We made the seller aware of the hotel development and the opportunity to sell the property to the developers, and advised the purchaser of the potential asset value to the upcoming Five Stars hotel.”
The purchased building has roughly 20,000 square feet of development rights.
The hotel project comes as an effort to expand the SLS hotel brand to New York, as previously reported. Nazarian and Moin will shell out $40 million to tack five floors onto the 444 Park Avenue South building and convert it into a 190-key hotel that will charge $450 to $550 nightly. —Zachary Kussin