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Developers Buy $9M in Air Rights for Dream Hotel from Neil Simon Theatre

Soho Properties, MHP Real Estate Services, and Hampshire Hotels Group have just bought 19,772 SF of air rights for the $300M Dream Hotel at 560 Seventh Ave from Neil Simon Theatre. The 238-key hotel with will stand 29 stories tall, at 384 ft, and will span 120k SF. It will feature a third-floor restaurant, and retail on the first cellar level, street level, and second floor. The Garment Center Congregation will occupy the second cellar level. New York-based architecture firm Stonehill & Taylor is slated to design. The existing building, where Project Runway was shot, is slated for demolition later this year. The joint venture purchased the site from Parsons in 2014 for $62.3M. [CO]