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MoMA Block Gets Another Tower with Hotel-Condo-Library Greenlit

The swooping has been swooped, and Tribeca Associates with Starwood Capital have closed on the former Donnell Library in Midtown for $67.4 million. Tribeca Associates has the first, vague rendering of what a $400 million, mixed-use development with boutique hotel, condo component, and novelty library will look like.

Real Estate Weekly tallies a couple of Starwood's aggressive recent buys; in 2011, it closed on 1414 Sixth Avenue for $72 million and bought one third of Brazilian real estate investment firm Brazil MRV Log for $159 million.
· Donnell Library coverage [Curbed]
· Partnership closes on Donnell Library site, plans development [Real Estate Weekly]