A Moinian Takes a Rental Building in Chelsea

Fortuna Realty Group, headed up by Morris Moinian, has paid $31.4 million for a pre-war rental building at 112 Ninth Avenue, at the border of the meatpacking district and Chelsea, city records show.

Recognize the name? Morris, who tends to stick to building hotels, is the brother of the development mogul Joseph Moinian, CEO of the Moinian Group.

This site, Morris tells us, is not likely to go down the boutique hotel route, as the fact that it holds 65 units would make such a development difficult. The four-story brick building has more than 57,000 square feet, according to PropertyShark.

Rather, he’s planning to renovate and upgrade, hoping to lure high-end retail to the storefronts on ground level.