NEW YORK CITY—A group of Brazilian investors has revealed plans to build an upscale, high-rise tower that would feature a hotel and residential condominiums to 57th street's billionaire's row, the New York Daily News reports.
The investors bought the development site for $95 million last month from Extell Development, the firm creating Midtown's most luxurious condo tower at 157 W. 57th St. Extell president and founder Gary Barnett purchased the site for $80 million in 2011 and had hoped to build a high-end hotel of his own. But he instead put it on the market in the spring of 2013. GlobeSt.com was unable to reach Extell by press time.
The new building's dimensions have not been decided but the site allows for a more than 100,000-square-foot tower.
The investor group, which includes a construction company and JHSF, the Fasano family—which operates a successful hotel and restaurant company overseas—intends to bring a Fasano-branded hotel to a vacant lot at 16 W. 57th St. with condos on top. The Fasanos already operate locations in São Paulo, Rio de Janeiro and Punta del Este, Uruguay.
The NYC location promises to be high-end. Sergio Millerman, the group's representative here, says the investors are negotiating with famed architect Rafael Vinoly to design the building. "Fasano is probably the most important restaurateur in Brazil," Millerman says. "This is going to be extremely, extremely elegant."
The project will be the group's second New York City venture. It's also planning to bring a 14-story residential building to a site at 815 Fifth Ave.
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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.
