This appears to be the midblock site between 44th and 45th Sts. It's a decent little building, but other sites on this part of 6th -- particularly on the northeast and southeast corners of 47th warrant development more than this. Hopefully, Moinian will not get control of the nice building adjacent to this on the north side.
Hopefully, Morris Moinian will aim a little higher for his project than his brother, Joseph, does.
NY REAL ESTATE COMMERCIAL
DECEMBER 21, 2011
Moinian Wins Midtown Site
By LAURA KUSISTO
Luxury hotel developer Morris Moinian has big plans for a development site near 44th Street and Sixth Avenue in Midtown.
Mr. Moinian has purchased the Pan American Magazine Building at 1146-1150 Sixth Ave. in an off-market transaction. He plans a $140 million development, with a 35-story building of roughly 140,000 square feet that could be either a luxury hotel or office building.
Mr. Moinian also plans a major retail component for the site, at the nexus of two prime shopping districts—Times Square and Rockefeller Center. He said he would consider turning the site into a department store.
"It's a golden location," said Mr. Moinian in an interview. "Locations like this do not come by often. Even if they do come by…there is a long list of people" to buy them, Mr. Moinian said.
An Iranian immigrant, Mr. Moinian started out as an apparel manufacturer and began buying small apartment and office buildings in the 1980s, while in his 20s.
His older brother, Joseph Moinian, bought a number of trophy properties during the recent boom.
The younger Mr. Moinian has kept a lower profile, while quietly amassing a portfolio of more than 2,000 hotel rooms. In New York, he recently built the 122-room Indigo Chelsea, which is part of the Intercontinental Hotel Group, and a new boutique hotel in Hudson Square, which is presently under development.
While there has been little new development in prime Midtown spots, Houston-based Hines plans a 28-story tower overlooking Bryant Park at Sixth Avenue and 40th Street. In addition, Thor Equities' Joseph Sitt plans a mixed-use complex at Fifth Avenue and 43rd Street, which he says will be 350,000 square feet and include a retail component.
Mr. Moinian declined to disclose what he paid for the Sixth Avenue site. The property has been owned by a private real-estate family for more than 50 years.
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