GFI, Elliott Management submit condo plan for 99 units on top of hotel on Billionaires’ Row

Allen Gross’ GFI Capital Resources Group and Elliott Management submitted a condominium plan for 99 residential units and one commercial unit at 111 West 56th Street in Midtown, Manhattan. The hotel uses the address 119 West 56th Street.

The joint venture purchased the building for $420 million with financing from Bank OZK in early 2019. Around the time of the purchase it was reported that the new ownership team would put an additional $100 million into the building to create private condos.

The condo plan, CD220055, does not have a sellout price listed with the New York State Attorney General. Allen Gross and Timothy Mackey are listed as the manager and portfolio manager.

In September of 2019, the developer filed A1 plans to add 99 apartment units to the upper floors of the hotel. The plans also called for inclusion of an eating and drinking establishment on the ground floor of the building.

Per the plans, the apartments will occupy floors 33 through 40, as well as the penthouse, of the building.

The developer has also filed plans for several A2 projects at the building.

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