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New Developments

A Chinatown developer has plans to build a 26-story hotel at 11 Stone Street in the Financial District. The site was acquired by two Lower East Side individuals—Jackson Mak and Nancy Mak—for $10.2 million in 2006 and transferred to a limited liability company in 2010, but one Andy Mak now appears to be heading up development, according to The Real Deal. At 56,023 square feet, the hotel will feature 170 rooms, and it will be designed by Shiming Tam, a Brooklyn-based firm that also designed the Lower East Side's Excel Tower at 31 Monroe Street. [TRD]