A Garden City-based developer has paid $21 million for a midtown Manhattan parking lot and plans to build a 300-room hotel there, a published report says.
The purchase by the privately held Albanese Organization Inc. is "the latest sign that demand for development sites is growing" in the city, The Wall Street Journal reports Monday.
Construction at the lot, on West 37th Street near Times Square, could begin by later this year, the Journal reports.
Albanese owns numerous properties in Manhattan. They include the Visionaire, the Verdesian, 100 UN Plaza, the Solaire, the Vanguard Chelsea, 77 West 24th St., the German Mission to the UN and the Lycée Francais New York.
In Garden City. it owns the Wyndham, the Wingate Inn, and seven buildings on Franklin Avenue -- 855, 1001, 1010, 1050, 1055, 1122 and 1140.
The Town of Babylon last month began contract negotiations with Albanese as the master developer for the town's Wyandanch revitalization project.