Developer Paul Kanavos Buys in NoMad, Fuels Hospitality Boom

February 6, 2015
Paul Kanavos of Flag Luxury Properties purchases two buildings in the NoMad District.

Paul Kanavos of Flag Luxury Properties purchases two buildings in the NoMad District.

There seems to be no end to the hospitality opportunities in NoMad. Everyone seems to be picking up the buzz that NoMad, with its central NYC location, wide array of lauded dining and shopping opportunities, is a very desirable tourist destination.

Just days ago, we reported the opening of NoMad’s newest hotel, The Paul. Now, comes news that the hotel developer Paul Kanavos has bought two properties at 28th Street and Broadway for $100 million.

Through his company, Flag Luxury Properties, Kanavos bought 29 West 28th Street and 1185 Broadway from the firm Clark Wile & Mayer. The adjacent properties have a combined total of 181,660 buildable square feet of space, which works out to roughly $550 a buildable square foot. The site sits catty-corner to the renowned NoMad Hotel, making the intersection a future hotspot of hospitality options.

There is no word yet on Paul Kanavos’s plans, so it is unclear whether the properties will be combined into one hotel or remain separate. Being as Kanavos is the developer behind South Florida’s Ritz Carltons and the St. Regis Resort Temanos Anguilla, we have high hopes for the luxury accommodations he will undoubtedly bring to the neighborhood.

Reporting the story, The Real Deal noted that “NoMad has become one of Midtown’s neighborhoods du-jour lately, with celebrities such as Chelsea Clinton and Jennifer Lopez moving into The Whitman on East 26th Street and projects such as Sir Richard Branson’s Virgin Hotel planned for Broadway.”