Mr. Bakhash bought the building, located at 24 East 39th Street, for a little over $9 million in June and announced plans to convert it into an extended stay hotel that would cater to business travelers and executives seeking housing in the city for more than just a few nights.

Williams Club

Meanwhile, Mr. Bakhash has decided to test the market on a bet that he can sell the property for substantially more than he paid only weeks ago.

The owner has hired a sales team from the real estate brokerage Massey Knakal led by the company’s chairman, Bob Knakal, to market the property to potential takers. According to sources familiar with the offer, potentially interested buyers have already shown interest for values well above what Mr. Bakhash acquired the building for.

The property, which served as the New York alumni club for Williams College and also a for-rent events space familar to the real estate community for all the industry functions that were held there over the years, could appeal to several different buyer groups.

“It could be the perfect location for a private bank, for a foundation or a government mission or office,” one source familiar with the building said.

The building was previously owned by Williams College and was sold by a sales team from Grubb & Ellis, which went bankrupt during the marketing process of the property.