NEW YORK CITY-If at first you don't succeed, try try again.
That seems to be the modus operandi of real estate investor David Marx, who's making his second go at buying a $30 million hotel right across the street from the Jacob K. Javits Convention Center, according to Crain's New York Business.
Marx, chief executive of an organization called the Manhattan Regional Center, first acquired the property in 2007, at the height of the market, for $45 million. But in 2011, according to Crain's, with construction financing nearly non-existent, the property failed to break ground and Marx was forced to hand the property back to its lender, Lehman Brothers Holdings, which put the property back on the market several months ago. Marx could not be reached for comment at press time.
This time, the site was sold by a brokerage team from the firm HFF led by Andrew Scandalios, senior managing director, says Crain's. It sits at 448 11th Ave., on the corner of West 37th Street.
Marx owns other property nearby, including a development site on the northeast corner of West 34th Street and Tenth Avenue. According to the Manhattan Regional Center's website, a Courtyard by Marriott is slated for that site. The $181 million dollar hotel is expected to offer 385-rooms.
It's not difficult to understand Marx' interest in the area. Also on the far West Side—an area which, heretofore, has not been on the radar screen for real estate investors—construction is underway for Hudson Yards. The ambitious project by Related Cos. will feature more than 13 million square feet, including over 6 million square feet of commercial space, approximately 5,000 residences, a new public school, and a luxury hotel. Additionally, Brookfield Properties' Manhattan West project is in the area, along with the planned Moynihan station. Down the road, the area may also get a boost in foot traffic if Madison Square Garden and Penn Station are redeveloped—a goal of many local community groups.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
