RITZ SITE GETS A RITZY PRICE: $52M
October 4, 2006 -- BARRY Sternlicht's Starwood Capital Group has gobbled up the now vacant Ritz site at 105-07 W. 57th St. for a whopping $52 million.
The narrow site next to the Buckingham Hotel may be destined for a new Crillon, the French boutique hotel and residence brand Starwood is launching led by its flagship Hotel de Crillon in Paris.
In January, Starwood said it was targeting the city and while reps confirmed the purchase they declined comment on the exact plans.
The sellers, entities of Investcorp and Ceebraid-Signal, were going to build a new tower full of lavish condos and ritz it up, just as they had done at Palm Beach's Brazilian Court.
They paid $23 million to the family that owned the Ritz fur shop, and another $8.75 million to adjacent property owner Sam Domb for development rights but never moved forward.
Copyright 2006 NYP Holdings, Inc.