Douglas Jemal now owns the downtown Hyatt Hotel and is bringing plans for an apartment building adjacent to Seneca One to the Planning Board for review. Jemal was the successful bidder at a court-ordered foreclosure auction yesterday. His $15 million credit bid for the property (he obtained the commercial mortgage on the property late last year) was the only offer.
The 396-room hotel reopened last month and Jemal has already started renovations to the property. It had been shuttered since April 2020 due to the coronavirus. At that time, owner Synder Corp. missed a mortgage payment and the property had been experiencing declining cash flow since early 2019. The 2012 mortgage was placed on a default “watch list” and the property was foreclosed on in June.
West of the Seneca One complex, Doug Jemal and Paul Millstein of Douglas Development have filed plans with the City to construct a $42 million new building. The developers are proposing a nine-story residential building, 61 Terrace.
The City-owned parcel is constrained by the Skyway-to-I190 and Seneca Street off ramps but the building will include five levels of parking for 500 cars at the off-ramp level as designed by Antunovich Associates. Parking for 300 vehicles would be topped by four levels of apartments with 148 units wrapping around an interior courtyard.