Following the endless controversy over the Marrakech Hotel, Toll Brothers have purchased the site for $44 million, The Real Deal recently reported.
The developer purchased 2686, 2688, and 2690 Broadway, located just south of 103rd Street. There is currently a discount store at 2688 Broadway (A To Z 99 Cent Store), as well as a Starbucks at 2690 Broadway.
The owner of the Marrakech Hotel, Hank Fried, had previously been sued by the city for operating illegally and converting his residential building into hotel rooms, ultimately reaching a $275,000 settlement in late July. He had also filed a demolition permit for the SRO-portion of the building back in March.
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According to The Real Deal, Fried will use the proceeds of the sale to acquire new properties through his company, Branic International Realty, which operates out of an office in Midtown (as listed on the company’s unofficial Facebook page).
It isn’t clear, however, if he plans on purchasing new properties on the Upper West Side again …
While there is no shortage of anti-development sentiment on the Upper West Side, I think most will find an expensive tower preferable to an illegal hotel.
Some of the luxury NYC developments Tolls Brothers is behind include 121 East 22nd in Gramercy, 55 West 17th Street in Flatiron, and 91 Leonard Street in Tribeca. So expect something very new and shiny.
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