In 2012, Parkview and partners acquired a site at 100 West 27th Street for $11 million, and set about building a new, 20-story, 122-key hotel. Plans for the 44,000 square foot facility were filed and approved in 2014, and construction began in 2015.
But bigger plans were in the making. Developers Chetrit and Yadidi had acquired an adjacent site at 989-991 Sixth Avenue in 2007, as well as the air rights from nearby Gotham Hall (1356 Broadway). The development rights for Parkview-owned 100 West 37th Street were an essential part of their plans to build high.
The air rights were so valuable to Chetrit and Yadidi that they paid $54.3 million to acquire the site in 2015 - a $43.4 million premium over the 2012 price. After getting six floors up, the site traded - at a significant profit - before construction on the hotel concept completed.