Hiwin plans resi project after Midtown club Iguana scurries away 

The reign of the iguana adorning the exterior of 240 West 54th Street appears to be over.

Flushing-based Hiwin Group USA purchased the Midtown West property from Minerva 54 Realty for $21 million, the Commercial Observer reported. The site — which has a five-story building in place — has 75,000 buildable square feet, breaking Hiwin’s acquisition down to $280 per square foot.

The building between Broadway and Eighth Avenue has gone through many iterations. Until recently, the bottom three floors had been occupied by the restaurant and Latin dance club Iguana New York for two decades.

Prior to that, it housed the Lone Star Boat Club, which was headquartered on the top floor. The space includes an indoor pool, racquetball and basketball courts, though those have gone unused for years.

Ariel Property Advisors’ Christoffer Brodhead was part of the team that brokered the transaction.

Hiwin doesn’t appear interested in dancing the night away or getting in a good swim, what with 47,000 square feet of unused residential development rights. Hiwin didn’t respond to CO’s request for comment, but a residential project seems likely, possibly a condominium development based on Hiwin’s recent history.

Two months ago, Hiwin started moving to replicate one condo development near Penn Station with two more, both expected to be similar to the 16-story, 69-unit project it developed at 300 West 30th Street. Hiwin sold out that development in nine months, raking in $90 million for the company’s first offering.

In March, Hiwin also bought a parcel at 112 Liberty Street in the Financial District from Hidrock Properties for $22 million, 44 percent below what Hidrock paid for the site six years earlier when it aspired to build a 30-story hotel. Hiwin hasn’t publicized plans for the site, but a condo is a possibility.

— Holden Walter-Warner

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