NEW YORK CITY—Hidrock Realty has acquired the vacant lot at 133 Greenwich Street, located one block south of the World Trade Center.
The property was acquired for $27.9 million in a joint venture with Robert Finvarb Companies. The partners plan to spend an additional $70 million to develop a 28-floor, 300-room hotel on the site. The hotel is slated to open in early 2015.
This is the second joint venture between Hidrock and Robert Finvarb Companies. The two firms have already collaborated on a SpringHill Suites by Marriott, which is currently under construction at 25 West 37th St. in Midtown.
The purchase of 133 Greenwich Street is part of Hidrock’s larger goal to acquire $250 million in new assets by mid-year 2013.