Sioni Group Plans 625-Unit Residential Conversion at Shuttered Stewart Hotel
By Isabelle Durso December 10, 2024 12:40 pm
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Midtown’s shuttered Stewart Hotel is on track to be converted into 625 residential units, according to city records.
Sioni Group, which bought the 618-key hotel in a joint venture with Isaac Chetrit’s Patriarch Equities and Highgate for $217.5 million in 2016, filed plans with the city’s Department of Buildings this week for the conversion of the 28-story building at 371 Seventh Avenue, a block from Madison Square Garden.
Jack Yadidi, owner of Sioni, was listed as the owner of the project, while C3D Architecture’s Damir Sehic filed the application, records show.
Spokespeople for Sioni and C3D did not immediately respond to requests for comment. PincusCo first reported the news.
The Stewart Hotel, which closed in 2022, is now set to become a 31-story, 625-unit residential building covering roughly 470,000 square feet, records show.
The new proposal replaced an earlier conversion filing from 2022, which also called for 625 units and 35,000 square feet of amenity space, Crain’s New York Business reported at the time. All 158 of the hotel’s employees were to be laid off as part of the project, the outlet reported.
In March, Chetrit bought out Highgate’s stake in the project, a move expected to help it move forward with its conversion plans, The Real Deal reported.
The building between West 30th and West 31st streets currently has six rent-regulated tenants paying between $753 and $1,296 per month for one-room apartments, PincusCo reported. It’s unclear what Sioni’s plans are for those tenants.
Meanwhile, Sioni is also in the process of building a 300-unit apartment building a few blocks away at 100 West 37th Street, according to PincusCo. That project calls for a 69-story residential tower with retail space on the lower floors.
Isabelle Durso can be reached at idurso@commercialobserver.com.
