They plan to turn the 1920s building into 90 condos, with hotel rooms or corporate housing spanning three lower floors, and a restaurant at ground level.
Each of the homes will measure around 300 to 325 square feet (28 to 30 square metres) and cost between $700,000 and $750,000 (£540,000 to £580,000).
A three-floor penthouse with an undisclosed price tag has also been proposed. Work on the transformation is due to commence as soon as the deal closes.
He was credited with starting the trend for boutique hotels – smaller hotels with upscale accommodation, in fashionable urban neighbourhoods – with the project.
Last year, the influential hotelier and developer said that micro apartments could help cities retain their diversity.
New York’s scarcity of space is resulting increasingly smaller accommodation. The city’s first micro-apartment tower, designed by nArchitects, was completed in February 2016, while a micro hotel with tiny rooms by AvroKO opened in December.
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