McSam Hotel Group has acquired, for $42.4 million, the 5,769-square-foot development site at 292 Fifth Avenue, located between West 30th and 31st streets in Midtown South. The developer plans to build a hotel at the site, Commercial Observer reported, although residential units also appear to be planned.
The previous owner filed new building applications for a mixed-use building in 2014, although they have not been green-lighted at this time. The permits, which have since been amended to show McSam Hotel Group’s plans, describe a 69,150-square-foot, 210-foot-tall building. There would be a 130-key hotel across the second through 14th floors, followed by 11 residential units across the 16th through 19th floors. Gene Kaufman’s SoHo-based firm is the architect of record. The site is vacant.