"It is well suited for hotel, office or multiple uses," Laurence Ross, co-founder of Onyx, tells GlobeSt.com. Ross sold the circa-1927 building in late 2001 to its current owners, and he notes that "this and similar-type buildings in the area were built like forts way back when." He adds, "The close proximity to Penn Station, along with the possibility that the station will be moved further west one day, will only continue to enhance its value."

According to city records, the property's current owners, Pioneer Management and Realty LLC, earlier this month obtained an authorization to waive the preservation requirements within the P2 Preservation Area of the Special Garment Center District specifically for the project site. "The proposed action would facilitate the conversion of an existing, vacant, 14 story, 105,000 square foot loft building to a 86,376 square foot [200-room] transient hotel," according to a notice posted by the New York City Planning Commission.

In a release, Ross says the building has already attracted interest from hoteliers, office users and residential developers. Located between Eighth and Ninth Avenues, it features 83 feet of frontage.