The next installment of Midtown hotel action will happen at 312-318 West 37th Street, where a parking lot has just changed hands for $21 million. The lot will be home to a 300-room hotel from the Albanese Organization, the folks behind Battery Park City's Visionaire and Solaire. The sellers have held onto the parking lot since around the time of the Civil War, which is one way not to have to worry about falling property values. [WSJ]
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