Mayflower buys Garment District development site for $28M
Great Neck-based Chinese investor planning a hotel on West 35th Street
Weihong Hu’s Mayflower Business Group acquired a Garment District development site holding nearly 50,000 buildable square feet for $28 million, according to city property records.
The site at 317-319 West 35th Street, located between Eighth and Ninth avenues, consists of two five-story rental buildings holding a combined 24 apartments and four commercial units.
Great Neck, N.Y.-based Mayflower, led by Hu, acquired the property from Brooklyn real estate investor Allen Stein and is planning to construct a hotel on the site, sources told The Real Deal. The city’s Department of Buildings approved demolition permits for both buildings in March.
In addition to the site’s 50,000 square feet of development rights, Mayflower is able to purchase an additional 10,000 buildable square feet from the city for the price of $125 per square foot, according to market materials for the property.
Robert Camhi of Camhi NYC Realty, who represented both the buyer and the seller, declined to comment. A representative for Hu declined to comment on the matter, while Stein could not be reached for comment.