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Four Years After Buying Site, Chetrit Group Starts Development On A Hotel/Residential Tower

Four Years After Buying Site, Chetrit Group Starts Development On A Hotel/Residential Tower

Joseph Chetrit’s Chetrit Group has filed applications to build a 46-story, 622-foot hotel and apartment tower at 545 West 37th St (pictured). 

The hotel will occupy 270k SF across 29 floors of the 374k SF tower, with 358 rooms spread across the ninth through 22nd floors. The lower floors will include a lobby, two restaurants, event spaces and a kitchen. There’ll also be a pool and private lounge on the 29th floor, NY Yimby reports.

The building’s residential component will begin on the 32nd floor, with 131 units divided across 104k SF. Residents will have access to amenities on the 30th and 31st floor, including a gym, a yoga room and a lounge. The building will also have a 82-car underground garage.

Chetrit bought the site four years ago for $26M. The developer tried to sell the site in 2014, but eventually pulled it off the market. Last year, the group received $60M in financing. CetraRuddy Architecture applied for the permits, but it’s not confirmed that it will design the project. [NYY]