In 2014, investors Issac Chetrit and Charles Aini acquired, for $268 million, the 24-story, 415,000-square-foot multi-use commercial building at 1412 Broadway and the three-story, 7,000-square-foot retail property at 1420 Broadway. The buildings are located at the corner of West 39th Street. Now, the property owners have disclosed plans to redevelop the three-story retail building into a roughly 15-story, 80-key hotel, The Real Deal reported. The 2,286-square-foot property can accommodate up to 34,290 square feet of commercial development. The existing property is triple-net leased through 2020, which means construction won’t begin until the lease expires and the tenants vacate the premises. The eventual hotel building will connect to the retail component of 1420 Broadway through the ground floor. Plans have not yet been filed with the Buildings Department.
Back in 2012, Clipper Equity and the Chetrit Group acquired, from the Jehovah’s Witnesses for $81 million, the 14-story Bossert Hotel building at 98 Montague Street, in Brooklyn Heights. It has since been undergoing a conversion back to the structure’s original use as a hotel, and now it has been revealed that the the building will open on October 1, the Brooklyn Daily Eagle reported. Re-dubbed Esplendor Bossert Brooklyn, it will be operated by Fën Hotels. The latest building permits indicate there will be 279 hotel rooms. It will feature a 1,997-square-foot restaurant on the first floor, a 2,995-square-foot lobby café, and a 2,300-square-foot restaurant on the 14th floor. The rooftop terrace will measure 1,922 square feet and will be utilized by the restaurant. New York-based Gwathmey Siegel Kaufman + Associates Architects (GSKA) is behind the design of the renovation. The building sits within the Brooklyn Heights Historic District.
Over the weekend, it was revealed, by the New York Post, that Extell Development is partnering with Hard Rock International to build a Hard Rock Hotel at 151-159 West 48th Street, located mid-block between Sixth and Seventh avenues, near Times Square in Midtown. Now, a rendering and additional details have been released in a Curbed NY report. The hotel tower will boast 445 rooms, a lobby lounge, a restaurant and bar, a rooftop lounge, and an underground speakeasy-style establishment. The hotel will also feature iconic music memorabilia, like many Hard Rock locations do. The 13,153-square-foot site is currently occupied by a seven-story parking garage and a five-story tenement building. Permits were filed to demolish the garage in February. The assemblage can accommodate 180,336 square feet of commercial development as-of-right. Additional air rights can be acquired elsewhere on the block and from around the district, as the site sits within the special Times Square zoning district.
In early 2015, Wharton Properties and General Growth Properties (GGP) acquired, for $1.75 billion, the Crown Building – a 25-story, 385,600-square-foot multi-use commercial building – at 730 Fifth Avenue, located on the corner of West 57th Street in Midtown. Now, it’s been disclosed that developer Michael Shvo and Russian investor Vladislav Doronin are planning to acquire a large portion of the building for a mixed-use conversion project, the New York Post reported. The duo want to convert the upper floors of the current office building into an Aman hotel and 23 ultra-luxury condominium units. Wharton and GGP recently bought out the last remaining office tenant. The current owners plan to lease the remainder of the property that isn’t sold to Doronin and Shvo as retail. The retail space is currently being newly renovated and is expected to take up at least the first four above grade levels. Late last year, it was reported that Bulgari signed a 15-year lease on the ground floor.
Back in December of 2015, YIMBY reported on applications for a nine-story, 86-key hotel at 4729 Third Avenue, in Belmont, located two blocks south of the Metro-North Railroad’s Fordham station. Now, Michael Kang’s Flushing-based architecture firm has revealed colored schematic drawings of the project. It can also be revealed that InterContinental Hotels Group will be the hotel operator and is planning a Holiday Inn Express. The structure, which will rise on a 6,229-square-foot triangular lot, will encompass 43,789 square feet. Guest amenities will include laundry facilities, a fitness center, a business center with meeting rooms, a breakfast area, luggage storage, and parking for four bikes. Syosset, N.Y.-based Neelam Chadha is the developer. The property is currently occupied by a small single-story warehouse, and demolition permits were filed in December.