Brookfield to purchase $93M in building bonuses for Three Manhattan West

Brookfield Office Properties has filed an application with the Department of City Planning to purchase 740,348 square feet of District Improvement Bonuses for $93 million. Brookfield will use the bonuses to construct its 62-story tower at 3 Manhattan West; the building will consist of 844 residential units, according to the filed application. [TRD]

Renderings Revealed for Marriott Courtyard in Hudson Yards

Atria Developers and Marx Development Group, along with architectural firm DSM Design Group, have revealed renderings for a 29-story Marriott Courtyard Hotel at 461 West 34th Street. The 312-foot building will rise directly adjacent to Related’s Hudson Yards and feature 399 hotel rooms. The project adds to a growing list of new developments seeking to benefit from the soon-to-be-prime location along the periphery of Hudson Yards. [YIMBY]

Sam Chang and the Garment District

Hotel developer Sam Chang has shown a particular interest in the Garment District as of late. The president and chief executive officer of McSam Hotel Group is currently under contract to purchase 338-340 West 39th Street for $22.5 million. The industrial loft building is adjacent to 350 West 39th Street, which Chang had purchased for $112 million a couple months ago. In the past year, Chang has also purchased 334 West 36th Street, secured an approximately$25 million bridge loan in order to acquire 326 West 37th Street, and is currently building a  35-story Holiday Inn at 585-587 Eighth Avenue. [CommercialObserver]

Lightstone Buys Garment District Building for $200M

The Lightstone Group purchased 485 Seventh Avenue from the Eretz Group in a transaction valued at approximately $200 million. The 16-story, 235,000 square foot building is located between West 36th and West 37th Streets, allowing the site to benefit from its close proximity to Times Square and Penn Station. The building could be converted to a hotel or office, Mitchell Hochberg, president and chief operating officer of Lighstone, explains, “This is a fantastic location that has done well with office tenants and is poised to continue to improve.” [Crains]

Fascitelli is back with 509 West 38th Street

Former Vornado colleagues, Michael Fascitelli and Eric Birnbaum, have teamed up to create Imperial Companies, an investment firm. Nearly a year and a half after his resignation as chief executive from Vornado Realty Trust, Fascitelli has returned to the city real estate market with his Hudson Yards residential project at 509 West 38th Street. In exchange for $104 million in financing with an additional $5.9 million in tax credit, Imperial Companies will “set aside 46 of the buildings’s 225 units for tenants earning 60 percent of the area median income.”  [TRD]