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Schrager Buys West Village Building and Adjacent Parcel

NEW YORK CITY-The famed hotelier—and other investors—will develop a residential building, along with AREA Partners.

By Rayna Katz | Updated on June 17, 2013

NEW YORK CITY-The Carlton Group has announced that its chairman, Howard Michaels, has organized an equity partnership between hotelier Ian Schrager, a real estate developer and brokerage firm to form a joint venture to buy an equity stake in 156-162 Leroy St., along with the adjacent corner parcel, 357-363 West St. The asset is owned by AREA Property Partners, which last month announced it would be acquired by Los Angeles-based Ares Management.

Schrager’s partners on the deal are Howard Lorber, chairman of residential brokerage company Douglas Elliman and head of the Vector Group; and Steven Witkoff, a developer and head of the Witkoff Group, which owns 20 buildings—including the famed Woolworth Building in Lower Manhattan. Schrager is best known as the co-owner and co-founder of Studio 54. He went on to create buzz-worthy boutique hotels.

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