NEW YORK
Developer Soho Properties and MHP Real Estate Services, with international hotelier Hampshire Hotels Management LLC, has announced the acquisition of 560 Seventh Avenue as a part of a development project valued in excess of $300 million, to make way for the creation of a new hotel and retail property to anchor the transformed Times Square market.
The property, which once housed the Parsons School of Design along with the active Garment Center Congregation, is located on the northwest corner of 40th Street, at the gateway to Times Square. Together, Soho Properties, MHP and Hampshire Hotels will build a world-class luxury Dream Hotel and 20,000 square-foot luxury shopping experience at 560 Seventh Avenue. Hampshire is the creator of an international portfolio of high-end boutique hotels, including the Dream Hotel brand.
The Dream Hotel is a boutique hotel collection that features ultra-modern destinations that are playful in ambiance and luxurious in service. Properties are located in major cities in the U.S. and internationally and feature such whimsical design details as labyrinthine lobbies, aquarium columns, serene mood lighting and wistful decor combining traditional and modern elements
In addition to creating this new destination hotel and retail property, the developers previously reached an agreement to secure the future of the Garment Center Congregation that has called the site home by financing the temporary relocation of the Congregation and incorporating a beautiful new sanctuary into the development plans.
Further details on guest room count and meeting space options have not yet been announced.
