CRE Partnership Closes on Future Dream Hotel
Developer Soho Properties, MHP Real Estate Services and international hotelier Hampshire Hotels have officially acquired 560 Seventh Avenue, formerly occupied by the Parsons School of Design and home to the Bravo reality series Project Runway.
The development project, valued in excess of $300 million, will make way for the creation of a new hotel and retail property at the corner of 40nd Street and Seventh Avenue, featuring a Dream Hotel and 20,000 square feet of destination retail.
Sources previously told Commercial Observer that the firms were in contract to scoop the property for $61.5 million, noting that it included 100,000 as-of-right buildable square feet and potential FAR bonuses that could stretch that to 130,000 square feet.
The school announced last year that it planned to sell the building and relocate to its Greenwich Village campus.
Bob Knakal of Massey Knakal brokered the deal with David Kalish of the same firm.