NYC Hotel Developer Morris Monian scraps plans; to sell site at 1150 Sixth Ave

``Developer Morris Moinian has checked out of a longstanding plan to build a luxury hotel at 1150 Sixth Ave. at a time when the city's room-surplus problem only continues to worsen. Moinian's Fortuna Realty tapped a JLL team led by Bob Knakal to sell the midblock site, now an empty lot, on the avenue's east side between West 44th and 45th streets. It was a surprise, as Moinian, who filed plans for the project five years ago, told us in October that he was almost ready to build.'' -- They still think they can flip it for a ~$55 mln gain. Good luck with that.