HELL'S KITCHEN — Two development companies are planning to trade parking spaces for beds in the hopes of turning a profit.
The Albanese Organization and The Buccini/Polin Group have purchased the parking lot at 312-318 W. 37th St. for $20.8 million from a pair of families that owned it for nearly a century.
The developers say they plan to build a 300-room hotel on the lot. The area is typically swarming with tourists coming in from Penn Station and the Port Authority Bus Terminal, or headed to Madison Square Garden. Developers want to begin construction on the new hotel later this year.
The Albanese Organization is the same developer that brought eco-friendly condos, the Visionaire and Solaire, to Battery Park City. This is Buccini/Polin's first venture into the New York market.
That block of West 37th Street is on track to become a hub for new hotels. Right across the street, Marriott is currently building the 224-room Courtyard Marriot Times Square West hotel in a similarly-sized empty lot.
