[NYguy]

The Stewart Hotel (Site 3) won't be reopening, so plans are stirring to convert it into a residential building, but it likely won't survive as it is in the path of the rail expansion.



https://www.bisnow.com/new-york/news/hot...-plans-for-residential-conversion-113759

Chelsea Hotel To Close, Be Converted To 625-Unit Apartment Building





July 12, 2022
Ciara Long



https://therealdeal.com/2022/07/12/isaac-chetrit-to-convert-stewart-hotel-to-residential/

Isaac Chetrit to convert Stewart Hotel to residential
Teaming with brother Eli and Ray and Jack Yadidi to build 625 apartments





July 12, 2022
By Keith Larsen

Isaac Chetrit and his partners are planning to shut down the Stewart Hotel across from the Madison Square Garden and convert it into apartments.

Chetrit, along with his brother, Eli, and Ray and Jack Yadidi of Sioni Group are planning to build 625 apartments and 35,000 square feet of amenity space, according to a source familiar with the transaction.

The building can be turned into a hotel as-of-right, meaning without new zoning. The developers expect to close the hotel by the end of this year and finish the conversion in 24 to 36 months.

A WARN notice filed with New York’s Department of Labor said 158 employees would be laid off beginning Oct. 7 because of the conversion.

The four-star hotel, at West 31st Street, was built in 1929 as the Governor Clinton.

Hotel-to-residential conversions are becoming more common as hoteliers seek to take advantage of the booming rental market. In Midtown, the 866-key Hudson Hotel, which shut down at the onset of the pandemic, is set to become a 438-unit development with office and commercial space.

The Stewart Hotel conversion also comes as Vornado plans a major redevelopment surrounding Penn Station.