The LeFrak Organization has entered into contract to purchase, for nearly $120 million, the 37-story, 252-key Affinia-branded Dumont NYC hotel at 150 East 34th Street, in Kips Bay. The eventual new owner is likely to convert the 176,600-square-foot tower to residential use, The Real Deal reported. The apartments would be rentals. Maryland-based Pebblebrook Hotel Trust is the current property owner. The hotel was developed in 1986 by the Denihan Hospitality Group.