Lately there has been a lot of development in NYC. The latest we’ve heard about was the elitist apartment complex by Extell development. This time around it’s Morris Moinian, whom according to NY YIMBY, will be developing a 37-story Midtown hotel at 1150 Sixth Avenue between 44th and 45th streets.
Fortuna Realty (which belongs to Moinian) bought the century-old Pan American Magazine building for $39 million back in 2011. According to Curbed, the expected cost of the luxury hotel is said to be $140 million. In an interview with Hotels Magazine, Moinian said he expects to “build a 40- to 50-story tower with a 400-room luxury hotel.” Groundbreaking is expected to begin in 2015, according to YIMBY.
By Roberto Garcia