Paolo Giusti‘s Vaduzco Realty has sold its buildings at 23-25 West 35th Street for $19.2 million in an all-cash deal to a first-time Chinese buyer, Commercial Observer has learned. The property will be turned into a limited-service hotel.
The two, four-story buildings look like they are in a “state of disrepair,” a source with knowledge of the deal said, but offers a 40,000-square-foot buildable development site to the buyer.
Vaduzco Realty bought the buildings in the 1970s, according to property records.
Eastern Consolidated‘s Marcia Rose Yawitz, Steven Zimmerman and David Schechtman represented both sides in the deal. Mr. Schechtman would only confirm that the team brokered the deal.