GFI Capital files plans for $9M multi-floor rehab of hotel in Midtown West

GFI Capital Resources Group, on August 31, filed a permit application for a $9 million rehabilitation of several floors of a hotel building, known as Parker New York, at 119 West 56th Street in Midtown West. The rehab may be preliminary work before the developer converts some hotel rooms to condos.

The plans call for a rehab of the roof, penthouse, and floors 33 through 40 of the 392-foot tall, 40-story, building.

The project is described in the filings as: interior demolition and new construction related to the condo construction. Floors per plans filed herewith. No change in occupancy, use or egress. The initial cost as reported in the DOB filing for the work described in this permit application is $9 million.

R. Wade Johnson Design Architecture, Interiors and Planning, PLLC is the architect named.

After acquiring the hotel with Elliott Management Corp., a hedge fund and activist investor, for over $389 million on January 23, 2019, reports circulated that the developer would spend an additional $100 million to renovate the hotel and convert many of the rooms into private residences.

Direct link to Acris document.LINK

Direct link to DOB document.LINK