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Checking In

The office building at 1414 Sixth Avenue once had a bright future ahead of it as a planned "six-star" hotel from the one and only Ian Schrager. Part of that future might still happen: Starwood Capital Group has picked up the building for $72 million and has plans to turn it into a hotel, but it's unclear whether Schrager is still involved. Since the hotel last changed hands for a full $120.5 million in 2007, maybe we should knock off a few stars either way. [Real Estate Weekly; previously]