"The price attained for 63-67 West 35th St. is commensurate with the pricing achieved for other such centrally located Midtown properties with development potential," says Eastern Consolidated's Brian Ezratty. "Zoned to accommodate any type of residential or commercial development, the new buyer's choice of hotel use should bode well at a time when there is a distinct dearth of hospitality properties in the city." Ezratty and colleague Scott Ellard represented both buyer and seller.

While plans for the hotel are still in the preliminary stages, a spokesperson for Brack USA tells GlobeSt.com that construction will begin almost immediately and complete by October or November 2008. Current plans call for a 30-story, 300-key building. The construction costs are too rough at this point to say what it will cost to build the facility, the spokeswoman says.

Brack USA opted to build a hotel on the spot instead of an office building due to the small size of the site and its close proximity to Herald Square, Penn Station and the 34th Street shopping corridor.

"This prime site is centrally located with easy access to Grand Central Terminal and Penn Station, and the planned Moynihan Station, and close to such New York icons as the Empire State Building, the Chrysler Building, Macy's, Madison Square Garden, Bryant Park and Times Square," says Moshe Azogui, CEO of Brack USA. "It is an ideal spot for attracting both business executives and tourists."

In November, as reported by GlobeSt.com, Brack USA bought 15 Union Square West for $80 million. Amalgamated Bank sold the 81,000-sf, seven-story building to the firm, which is currently turning the property into ultra-luxury condos.