Wythe Avenue corridor to get yet another hotel
The $30 million purchase of a site in North Williamsburg paves the way for an 180-room hotel by the developer behind the Condor Hotel.
The developer behind the Condor Hotel in South Williamsburg is building another hotel near the Wythe Hotel, the successful pioneer of what now has blossomed into a string of hotel projects in the neighborhood.
Developer Zelig Weiss has acquired 121 N. 12th St., a parcel that fills the entire block front between North 12th and North 13th streets along Wythe Avenue.
Mr. Weiss just closed on an $18.35 million loan from Madison Realty Capital, one of the most active specialty lenders in the boroughs, to purchase the site, which he is buying for about $30 million.
Joel Friedman, an executive with Nationwide Realty, helped Mr. Weiss arrange the transaction to acquire the site and said a 320,000-square-foot hotel can be erected there with about 180 rooms.
The new hotel, to be called the Level Hotel[/b, is one of several that is being built in North Williamsburg along Wythe Avenue, where commercial zoning prevents the wave of residential development that has overtaken much of the rest of the neighborhood. Heritage Equity Partners, for instance, is also building a hotel around the block from the Wythe.