A Financial District building has been purchased for $7.1 million by a syndication of local Chinese buyers, who will turn the mixed-used property into a new hotel development, it was announced today.
The new owners of 10-12 Maiden Lane will develop the 13,709-square-foot property into a 49,000-square-foot limited-service hotel “as soon as possible,” said Chris Okada, president and CEO of Okada Properties, which represented the buyers in the deal.
“The buyers are a syndication of local Chinese buyers,” said Mr. Okada. “I met them through a mutual friend and they all said they would like to buy this place together,” he added.
The seller, listed as Lillian Seril on PropertyShark, was represented by Michelle Ball of Rudd Properties. Francis Leung, also of Okada Properties, represented the buyers in the transaction.
The hotel will be something along the lines of a Holiday Inn, added Mr. Okada.
Building will start “as soon as possible, once permits get cleared,” he said.