Building in New York's Garment District could become a hotel

The Lightstone Group has purchased a 16-story, 235,000-square-foot building in Manhattan's Garment District for around $200 million, and word is the building, at 485 Seventh Ave., could be converted into a hotel, reports Crain's New York.

Mitchell Hochberg, Lightstone's president and COO, confirmed the acquisition and said the firm is considering either gut-renovating the property into a higher-end office building or converting it into a hotel, Crain's further reports.

The company purchased the property from the Eretz Group. The building sits between West 36th and West 37th streets, just below Times Square—a hot bed for tourists, making the decision to convert the building into a hotel a smart one, possibly.

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Hochberg also told Crain's that office tenants have been floodinginto the neighborhood, which reportedly has a shortage of upper-tier space.