Sternlicht, one of the East Coast’s most active developers of commercial real estate is expected to develop the property, situated on the highly desirable West 34th Street, into retail stores as well as take advantage of the property’s unused air rights to build a multi-storey hotel tower.
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Barry Sternlicht’s Starwood Capital Group is reported to be in an advanced stage of negotiations to acquire a 78, 000-square-foot building, situated in the heart of Herald Square on 144-150 West 34th Street. Sternlicht is be ready to pay $250 million for the property, which, according to market sources, has tremendous development potential.
The property which currently houses a branch of the Old Navy department store chain has been in the hands of KLM Construction, for close to 20 years.
According to those in the know on the New York commercial real estate market, the property, which is situated on one of the prime spots in Manhattan directly opposite the famous Macy’s department store, has tremendous potential for redevelopment, which could see a 300, 000-square-foot retail and hotel tower be built on the site, if Sternlicht takes advantage of the properties till now unused air rights, which is the empty space above the property.
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Starwood Capital and the Kefadilis family, owners of KLM Construction has reportedly reached an initial agreement, with the property schedule changed hands towards the end of this year.
In recent months Barry Sternlicht has reportedly been considering an IPO for Starwood in order to raise funds and finance new property developments.
Starwood is currently involved in a number of luxury Manhattan residential projects with the most recent being the Baccarat Hotel & Residences New York project, which has now been completed and with apartments up for sale.
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Barry Sternlicht graduated magna cum laude, with honors, from Brown University, going on to receive his MBA with distinction from Harvard Business School.
After graduation, Barry began his professional career working with Chicago based JMB Realty, a real estate investment company.
In 1989, Sternlicht established his first business venture, which led to the launch of Starwood Capital Group two years later, with their principal activity being the acquisition of domestic properties, particularly apartment buildings with the company eventually diversifying into the purchase of hotel sites, focusing on combining his passions of architecture and real estate finance. In the space of twenty years, the Starwood Capital Group has completed transactions with an asset value exceeding $40 billion.
The Starwood Capital Group announced they will begin implementing a major construction project in 2012, which will see them complete a chain of luxury hotels. Under the name of Baccarat Hotels and Resorts, the group’s flagship hotel to be situated in the heart of Manhattan, New York City is due to open shortly, with other hotels scheduled to open in Dubai in the United Arab Emirates, in Foshan, Shanghai and Tianjin in China among a number of other locations will be opening their doors during the next two years.
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In 2010, Sternlicht was handed the Executive of the Year and Investor of the Year by the Commercial Property Executive magazine, while in the same year the Private Equity Real Estate magazine named Sternlicht as the Global Industry Figure of the Year as well as the North American Industry Figure of the Year in 2010 for the second consecutive year in that category.
Barry Sternlicht, well known for his interior design skills, has recently been inducted into the Interior Design Magazine’s Hall of Fame.
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