Dutch PPHE Hotel Group pays $15M to Largo for hotel project in Chelsea

The Dutch PPHE Hotel Group through the entity PPHE West 29th Street USA Inc. paid Nissim Ben-Nun and Nicholas Werner’s Largo’s Largo 542 West 29th Street Partners LLC $14.8 million for a stake in the hotel development site at 538 West 29th Street, 540 West 29th Street, 542 West 29th Street in Chelsea. The deal closed on January 15, 2020, and was recorded on January 22, 2020. The transaction consists of 3 parcels, including the tax class office building with two to six stories (O2) and containing 3 residential units.
The average sale price per square foot is $200.

PPHE Hotel Group bought out its joint venture partner Largo, and now wholly owns the project, where it plans to build the first Art’otel in the United States. The acquisition cost $3.3 million plus costs, according to media reports but the city’s property records valued the transfer at $14.8 million. PPHE bought a 50 percent stake in the project last year.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link“