By Serena Solomon
DNAinfo Reporter/Producer
A hotel developer has forked over $12.7 million for prime real estate sandwiched between TriBeCa, SoHo and the West Village, according to the New York Observer.
Fortuna Realty Hotel SoHo bought the 50,000-square-foot slice of land at 523-25 Greenwich Street between Spring and Vandam Streets and plans to turn it into a hotel with 124 rooms and rising more than 20 stories, the Observer reported.
“This offering generated a tremendous volume of inquiries because of its location in one of the most sought-after neighborhoods in New York City,” broker Alan Miller with the firm Eastern Consolidated told the Observer. Eastern Consolidated paired up the the seller, Patriot 523 Greenwich St. LLC, with Fortuna Realty Hotel SoHo in the transaction, the Observer reported.
Because of the location, which is only blocks away from Donald Trump’s SoHo hotel, and the properties zoning for manufacturing and commercial uses, Miller said the best financial use for the land was a hospitality project.
"So, not surprisingly, a hotel developer emerged as the purchaser," Miller told the Observer.
