Because Midtown always needs more hotels, developer Morris Moinian has picked up 1146-1150 Sixth Avenue, aka the Pan American Magazine Building, with plans to turn it into a luxury hotel or office building. The Journal has some deets: the $140 million project will be a 140,000-square-foot, 35-story building with "major retail," perhaps even a department store.
And if Morris Moinian's name sounds familiar, that's because he's the younger brother of the one and only Joseph Moinian (also on a bit of a Midtown hotel kick these days). While the older Moinian sibling has been more publicly picking up properties, Morris has made a number of under-the-radar acquisitions. He already has more than 2,000 hotel rooms, including the Indigo Chelsea and an in-progress hotel in Hudson Square?and without even a Curbed tag page! It's always the quiet ones.
?Photo via PropertyShark
· Moinian Wins Midtown Site [WSJ]
· Hotels coverage [Curbed]