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Thread: NYC Hotel News

  1. #661
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown

    Default 396 Broadway

    396 Broadway, a landmarked building just within the Tribeca East Historic District (SE corner of Broadway & Walker Street, and backing up onto Cortland Alley), has recently been sold and is going to become a hotel with ~ 100 rooms.

    According to Emporis the 10-story brick and limestone building was built in 1899; architect: William H. Birkmire

    Info on the sale (the previous owner, Isaac Chetrit, made some other news for himself today) ...

    Isaac Chetrit To Sell 50,000 SF to Spanish Fund

    Photo by: Scott Bintner
    By Natalie Dolce
    January 2, 2008

    NEW YORK CITY - Isaac Chetrit, a relative of the real estate powerhouse Joseph Chetrit, is in contract to sell 396 Broadway for $40 million, has learned. An anonymous industry source confirms to that the buyer is a Spanish real estate fund.

    The source tells that the buyer went hard on contract. "They are turning the building into a hotel."

    The source also explains that Isaac Chetrit in the process of looking to do a 1031 exchange and is looking to purchase a commercial building for around $100 million in Manhattan's Garment District.

    Chetrit isn't new to the Garment District area. Last year, exclusively reported that Isaac Chetrit had purchased 989 Avenue of the Americas for $49 million and 240 W. 37th St. for about $43 million. Paul Walker, a VP of CB Richard Ellis, told at the time that the Garment District had increasingly become an area of interest for investors.
    Walker also noted at the time that the "lower price points can give non-traditional New York City investors a chance to own part of the market."

    Copyright © 2008 ALM Properties, Inc


    396 Broadway

    The Real Deal

    Address: 396 Broadway

    Tenant: Spanish real estate fund

    Representative: D. Behunic, DMB Capital Realty Advisors; Petar Vided, A&I Realty

    Landlord: Isaac Chetrit

    Landlord Representative: David Barrette, Cast Iron Real Estate

    Notes: The property went into contract for $40 million, or $653 per square foot. The buyers can build a 100-room hotel at the site.

    Category: Commercial


  2. #662


    Updated On 05/28/08 at 05:15PM

    Rockefeller Group buys two Times Square properties

    157 West 47th Street

    By Adam Pincus

    The Rockefeller Group Development Corp. bought two Times Square area commercial buildings for a combined $84 million, according to property records posted today.

    The company purchased the Quality Hotel Times Square at 157 West 47th Street from Manhattan-based Hampshire Hotels and Resorts for $75 million on April 30. The 60,000-square-foot building was built in 1906.

    It also bought the four-story 160 West 48th Street from Wolf Realty Associates of Bay Terrace for $13.9 million on May 20. The 5,000-square-foot building, built in 1929, is zoned for a maximum build-out of 23,898 square feet.

    The lots of the two properties share a common border in the center of the block.

    The Rockefeller Group built Rockefeller Center and develops and manages properties in the United States and China.

    © 2008 The Real Deal

  3. #663


    That building looks like it was nice once but has had its details stripped. I assume that it will be razed and redeveloped.

  4. #664


    Quote Originally Posted by londonlawyer View Post
    That building looks like it was nice once but has had its details stripped. I assume that it will be razed and redeveloped.
    Looks like it would not be missed.

    The Quality Hotel Times Square offers affordable accommodations on Times Square, approximately 12 miles from the La Guardia International Airport, about 18 miles from the John F. Kennedy International Airport, and about 22 miles from the Newark International Airport. The property's amenities include free local calls, interior corridors, copier and fax machine access, ice machines, laundry valet, free weekday newspapers, safe deposit boxes, 24-hour security, concierge desk, and wake-up calls. Parking is available at a garage adjacent to the hotel for 24/day (rates subject to change without notice). Rooms have standard hotel decor and furnishings. Standard amenities include air-conditioning, cable TV, a coffeemaker, hairdryer, in-room safe, iron, ironing board, telephone, and voicemail. .

    Guest Reviews

    Amenities: 5.5
    Cleanliness: 7.0
    Location: 7.6Comfort: 5.3
    Service: 6.0
    Value: 5.5

    from Boulder, CO - September 16, 2005
    This was the most unpleasant, inadequate hotel I have ever stayed at in the US. NOISY! Not just street noise but the ventillation system in the room had to be turned off to get any sleep because it was so loud when it came on. Any attempts to make changes were summarily dismissed and at least one member of the desk staff was rude. Telephone service was unavailable one night and no notification was posted. I was told 'so what do you want me to do about it??'! They could have at least appologized for the inconvenience!!!!!!!!!Vile!!!

    from Boothwyn, PA - December 21, 2003
    Very, very, very small rooms! I was shocked when I opened the door. Our room was alittle on the cold side. Our TV would not stop buzzing, which was annoying. The concierges did not know anything, they barley spoke English. This was annoying, luckily we found our way without their help!

    Jerrie from Denver, CO - November 29, 2003
    Customer should be told about the smallness of the standard room. Should be called a "sleeping" room. I would have opted for a larger room.

    Jennifer from Winter Park, FL - November 27, 2003
    The Location was the best part of this Hotel for Times Square Lovers. As for the Hotel it's self it was Clean & we paid for a Private Bath so that's all we where looking for. It's nothing Grand. THe Rooms are Small Cubbies & the Beds are Pot holes. Also watch your check out bill I got over charged for Extra Fees.

    from Fortuna, CA - November 05, 2003
    The bed was HORRIBLE. The mattress needs to be replaced. If I could be sure of a decent bed, I would undoubtedly stay again and recommend it to friends.

    © Copyright 1994-2008 WebScope. Published 04.24.2008
    Last edited by brianac; May 29th, 2008 at 08:17 AM.

  5. #665

    Default 20 W53rd Street

    Donnell Library Closes This Week, So a Hotel Can Be Built

    Josh Haner/The New York Times
    Rhoda Galyn and other patrons at the popular Donnell Library Center, on West 53rd Street, on Thursday. The library will close this week for about three years.

    Published: May 30, 2008

    After 52 years as one of the most heavily used branches of the New York Public Library system, the Donnell Library Center, on West 53rd Street, will all but close at the end of this week. A small circulating collection will remain open, in the basement, through the end of August. Then the building will be razed to make way for an 11-story hotel.

    When the $220 million hotel opens, sometime in 2011, a new Donnell library will occupy part of the first floor and an underground area, coexisting with hotel guests paying $750 to $2,000 per night for a room.

    The changes have touched off confusion, sadness and even anger among employees and longtime patrons of the library, which was dedicated in October 1955 and has long been known for its strong collections of movies and music, materials in foreign languages, and books for children and teenagers.

    The Donnell, which sits across the street from the Museum of Modern Art, west of Fifth Avenue, has been one of the few accessible public spaces left in an area where land commands an ever-higher premium.

    “I cried,” said Esther Hautzig, 77, who works two days a week at the information desk at the Donnell, recalling her reaction to the news last November that the library would close for about three years. “I’ve been working here for 25 years.”

    Many people do not understand that the Donnell library and its collections are coming back, said David S. Ferriero, who is the Andrew W. Mellon director of the system’s research and branch libraries. “They are concerned about not having access to materials they’re used to having access to.”

    For example, he said, some writers and others in the publishing industry have expressed worry about the fate of the historical materials in the children’s collection.

    “So clarifying just where things are going,” Mr. Ferriero said in a phone interview, “has been one of the challenges, because there are a lot of moving parts here.”

    The intricate relocation process has resembled something of a game of musical chairs, a challenge compounded by the size of the collections. The Donnell holds about 300,000 items. In the fiscal year that ended on June 30, 2007, the library recorded 753,000 visitors (many of them repeat visitors, who would be counted more than once). They checked out materials from the library a total of 1.3 million times.

    The various collections — including the library’s best-known holding, its famous Winnie the Pooh and Friends doll collection — will be moved to other branches in the system for the time being.

    The temporary locations are detailed in fliers at the library and on the Web, at

    Ruth Ryer, 82, a retired business executive who was standing next to Ms.
    Hautzig at the information desk on Wednesday, has been volunteering at the Donnell for more than 15 years. She said that many people in the neighborhood are sad about the move, and added that the announcement that a hotel would be built over the site of the Donnell branch came as a surprise. “No one had time to protest,” she said. “It was a fait accompli.”

    Even though the hotel will contain a new, modernized Donnell, Ms. Ryer said she was convinced the library’s role in the neighborhood would be starkly diminished. Indeed, the new library will be smaller than the current one, and it is not clear how many of the 300,000 items in the Donnell’s collections will return to the new library.

    The muted colors and wooden furniture and shelves in the Donnell are a testament to its age. The library is named for Ezekiel J. Donnell, an Irish-born cotton merchant who died in 1896, and the new library that will be built as part of the hotel will still bear his name.

    In the downstairs auditorium on Wednesday, “Andrei Rublev,” a 1966 film by the Russian director Andrei Tarkovsky, played to an audience of about 50. It was the sort of eclectic cultural event, library patrons said, that they will miss the most.

    Copyright 2008 The New York Times Company

  6. #666


    Crackdown Sought on Illegal Hotels in the City

    By ROSS GOLDBERG, Special to the Sun
    June 2, 2008

    In the wake of a report that says owners of more than 200 residential buildings in Manhattan are improperly renting to tourists, elected officials are calling on Mayor Bloomberg and Governor Paterson to pass legislation cracking down on illegal hotels.

    The report, compiled by the Illegal Hotels Working Group, said landlords are exploiting a loophole under which they can rent out "affordable" housing for short-term stays and risk only a onetime $800 fine. Because building owners can make thousands of dollars each night from tourists, elected officials said, the fine is insignificant.

    "It's creating incentives for landlords to push out tenants," a member of the City Council, Daniel Garodnick, said at a press conference in Midtown yesterday. "Illegal hotels are proliferating in Manhattan, and it has to stop."

    The report also states that more than 20 of the buildings have unfairly benefited from $188 million in tax abatements intended for "affordable" housing units.

    The lawmakers are suggesting bills be introduced to increase the penalties for operating the hotels and clarify legal language prohibiting short-term leases in certain buildings. One such measure has already been proposed in the City Council.

    Matthew Abuelo, a tenant at 345 W. 86th St., a building that is allegedly operating as an illegal hotel, said the influx of tourists has resulted in constant noise and broken elevators.

    "Our neighbors have been getting harassed endlessly," Mr. Abuelo said. "If anyone tries to talk to the landlord, they get blown off."

    Some of the buildings listed in the report include Trump Place on Riverside Boulevard and Worldwide Plaza on West 50th Street. The managers of the buildings could not be reached for comment.

    Don Lewis, the owner of another of the buildings listed in the report, Riverside Tower, said his building is a legitimate hotel. He said he could have been accused because the hotel also contains 14 permanent tenants. He said the scope of illegal hotel operation in New York has been "vastly" overstated.

    "We have every right to rent to tourists," Mr. Lewis said. "There are very decent hotels that have a handful of permanent residents in their buildings."

    A spokesman for the mayor's office of special enforcement, Jason Post, said the Bloomberg administration is working with the City Council to find a solution. "As the report released today notes, the Mayor created the Office of Special Enforcement as a dedicated unit to follow up on quality of life issues like illegal hotels. The problem has grown out of a gray area in the law, which the Administration, in response to discussions with the illegal hotels task force, has developed a framework to fix," Mr. Post said in a statement.

    © 2008 The New York Sun,

  7. #667


    ^ Here ya go, Hof; sounds like potentially the solution to your problems finding a room.

    (But better move fast, before the killjoys put an end to it!)

  8. #668
    Forum Veteran
    Join Date
    Aug 2003

    Default New Hotels on 8th Avenue

    Adding to the flurry of development along Eighth Avenue, two new hotels could be springing up in the West 40s soon. A Tishman Realty Corp.-led partnership has filed plans with the city for a 22-story hotel on the west side of Eighth Avenue between 43rd and 44th streets. And TriBeach Holdings filed plans for a 38-story apartment and hotel tower on the west side of the avenue, between 46th and 47th streets, which would be just across the street from SJP Properties' new luxury apartment, The Platinum. Down the block, SJP's 11 Times Square is ahead of schedule in its construction.

  9. #669


    Square Feet

    Budget Hotels for the Garment District

    Published: June 18, 2008

    The garment district is taking in lodgers. A handful of developers is transforming an erstwhile manufacturing area into a magnet for budget-minded travelers.

    Hiroko Masuike for The New York Times
    John Lam, left, chief executive of the Lam Group, has hired Gene Kaufman to design several hotels in the garment district.

    Although this pocket of Midtown Manhattan — which is roughly bounded by 34th and 42nd Streets and Fifth and Ninth Avenues — is still dotted with small garment factories and showrooms, recent zoning changes have allowed more residential and commercial construction on its fringes.

    Three years ago, when the city’s Planning Department eased some zoning restrictions there, a few of the city’s biggest hotel developers scooped up parcels. Experts estimate that at least a dozen hotels are either under construction or planned.

    John A. Fox, a senior vice president in the hospitality research group at PKF Consulting, said these projects tended to be smaller budget-oriented hotels in the middle of blocks. Many will have brand names that are familiar to travelers, like Hampton Inn, Hilton Garden Inn and Holiday Inn Express.

    Mr. Fox said that most of the building lots in this area — which were often former parking lots or warehouses — were not suitable for hotels with more than 100 or 200 rooms. “These sites have limited footprints, so you can’t put bigger hotels there,” he said.

    But he added that Manhattan had a dearth of midpriced hotel rooms and that the rates for most of the hotels going up in this area were expected to run about $250 a night, which passes for a bargain in Manhattan these days.

    Barbara Byrne Denham, the chief economist at Eastern Consolidated, a New York real estate firm, said she thought the new construction in and around the garment district fell below the radar screen for most New Yorkers, because they generally did not spend much time there.

    “If you look at a map, this looks like a prime neighborhood,” she said. She added that the area had long been viewed as a bit “edgy” because it has many industrial buildings and parking garages.

    Two New York hotel developers account for much of the building boom here: Sam Chang, the founder of the McSam Hotel Group, and John Lam, whose company is known as the Lam Group. This fall alone, the two developers plan to open five hotels within a one-block radius, on 39th Street and 40th Street, between Eighth and Ninth Avenues.

    Gene Kaufman, a prolific architect who has designed all five of these hotels, as well as many of the others planned for the garment district, said one significant attraction of the area had been the availability of inexpensive land.

    He said that Mr. Chang and Mr. Lam acquired most of their lots a few years ago, when land prices were low enough to enable them to build hotels for budget-conscious travelers. In fashionable neighborhoods, Mr. Kaufman said, developers had to build much more expensive hotels to justify the land acquisition costs.

    The Lam Group is building two hotels with a total of 500 rooms between Eighth and Ninth Avenues: a Sheraton Four Points at 326 West 40th Street and a Marriott Fairfield Inn at 330 West 40th Street.

    The McSam Group already has five hotels under construction that will add more than 1,000 hotel rooms to this area by next year.

    Gary Wisinski, the chief operating officer of McSam, said the company was planning two more hotels in the area. He said demolition had begun to make way for a 25-story, 188-room Hyatt Place at 52-54 West 36th Street, which is between Fifth Avenue and Avenue of the Americas. The company has also applied for a demolition permit and a franchise license for a planned 14-story, 53-room hotel at 308 West 40th Street, between Eighth and Ninth Avenues.

    Mr. Wisinski said the group had not sought financing yet for either of those projects — not because of the tighter credit markets — but because the company usually waited to get building permits and franchise licenses before obtaining financing. He added that the company was conservative with debt, typically borrowing only 60 to 70 percent of the construction cost of a new hotel.

    Mr. Lam, a developer with a similar portfolio of midrange hotels, said he also had a conservative attitude toward debt. “We only finance 50 percent to 60 percent” of the construction cost of projects, “even in higher times, when other companies did 90 percent,” Mr. Lam said.

    While many hotels planned for this area may still be just be a glimmer in a developer’s eye, financing midrange hotel projects like these should be much easier than for larger upscale hotels, said Jeffrey Dauray, a senior vice president at CB Richard Ellis.

    Mr. Dauray said that all hotels in this area might eventually benefit from the long-planned expansion of the Jacob K. Javits Convention Center, which is on 11th Avenue between 34th and 38th Streets. “One doesn’t need to build a convention hotel to benefit from that dynamic,” he said.

    But he predicted that the hotels could be successful even without the Javits Center expansion or on the completion of two other potentially significant projects in the area: the redevelopment of the Hudson rail yards, and the extension of the No. 7 subway line to the Far West Side.

    Experts say there is a huge pent-up demand for hotel rooms under $300 a night anywhere in Manhattan. Occupancy rates have been at historic highs in recent years, according to Mr. Fox of PKF Consulting. He said that hotel occupancy rates in the city have been around 85 percent in the last three years, which was high even by New York standards. Over the last 40 years, he said, hotel occupancy rates in Manhattan have averaged about 76 percent.

    Mr. Fox predicted that occupancy rates would slip to the high 70 percent level in the next year or two, in part because of economic uncertainty, but also because of the new hotels that were expected to open by late next year. “But relative to New York over the long term, that’s not an issue,” he said.

    Copyright 2008 The New York Times Company

  10. #670
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Wow -- some soft peddling by the NY Times on that one ^.

    But smart of them to show Kaufman lit from behind

    No mention of the McSam fiasco at 311 West 39th -- a site which has been under construction for 2 years, but is still not much more than a wet hole in the ground.

    And across the street there's a McSam / Kaufman 30-story hotel project at 306 W 39th (aka 585 - 587 Eighth Avenue) which has been in limbo for over a year -- Demo commenced in mid-2006 but a construction accident in June 2007 seems to have brought all work to a halt on this site.

    McSam's 308 W 40th site has been on the radar for nearly a year.

  11. #671

  12. #672
    Forum Veteran
    Join Date
    Aug 2003


    Hidrock Realty building first hotel

    25 West 37th Street
    By Lauren Elkies

    Commercial real estate developer Hidrock Realty is building its first-ever hotel, a 146-room lodge in Midtown.

    "We own the site and it's the highest and best use [for it]," said Abraham Hidary, president of Hidrock, which does development, asset management and leasing brokerage.

    Hidary said his company knows how to develop buildings, but not operate a hotel. So he plans to retain ownership of the parcel at 25 West 37th Street, between Fifth and Sixth avenues, and have a large hotel operator run the business as an extended-stay hotel.

    Hidary plans on differentiating his hotel from those developed by prolific hotelier Sam Chang, who continues to erect several hotels in the area, with bigger rooms as well as kitchens, as are common in extended-stay hotels.

    The existing four-story, 25,500-square-foot commercial building, built in 1925, will be cleared to make way for an 18-story hotel with an average room rate of $350 per night. The company paid $21.5 million for the site. Hidary expects construction to commence in May 2009.

  13. #673


    CURRENTS | Rooms

    New York Grit, With Flat-Screen TVs

    Published: June 26, 2008

    The red brick building at 113 Jane Street in the West Village, with its lighthouselike corner tower and storied history (it sheltered the surviving crew of the Titanic), is about to get a new life — in stages.

    Next week the owners, Sean MacPherson and Eric Goode, whose projects include the Bowery and Maritime Hotels, will begin renting several of the 50-square-foot rooms for just under $100 a night.

    Mr. MacPherson said the building, which has long been a single-room-occupancy hotel and is now called the Jane Hotel, is not for the “faint of heart.” The lobby is a construction site, and guests will share bathrooms with long-term residents. But it is a place for bargain and atmosphere hunters.

    The new rooms, above, designed by Mr. Goode and Mr. MacPherson to resemble ship’s cabins, have air-conditioning, flat-screen TV’s and Wi-Fi.

    Plans for a basement spa and 30 rooms with private baths will raise the luxury quotient, but only to a point. “It will have a gritty, old New York quality to it indefinitely,” Mr. MacPherson said. The Jane Hotel, 113 Jane Street (West Street), (212) 924-6700; information:

    Copyright 2008 The New York Times Company

  14. #674


    I'd stay here for under $100 a night! I don't come to New York City to stay in my hotel so this would definitely do it for me.

  15. #675

    Thumbs up


    The Real Deal:

    The Closing: Sam Chang
    June, 30, 2008

    President and CEO of McSam Hotel Group, a Great Neck-based hotel development, construction, management and investment company, which has built over 30 moderately priced hotels in New York City, has 29 under construction and 20 in the pipeline.

    What is your full name?

    Sam Chang. When I became a U.S. citizen, that's the name I got. My Chinese name is Shen Leong Chang.

    What is your birth date?

    July 29, 1960.

    Where did you grow up?

    Taiwan. I was born in Taipei.

    Where do you live?

    Long Island on Centre Island.

    How many bedrooms are there in your house?


    Do you need all those bedrooms?

    I don't. I saw the house. It was wild. It's on 18 acres. There is a private lake on my property.

    Are you married?

    I'm single. How do you think I can work this hard if I have a family? My first marriage was 10 years. I got divorced in 1993. My second wife was for two years. I got divorced in 2001.

    Do you have children?

    I have four. They're 15 (Danny), 18 (Kevin), 23 (Jeffrey) and 24 (Jennifer).

    Are you dating?

    No. I'm too busy to date. I just want to finish all my work and then retire, and then I will have a relationship.

    When are you going to retire?


    What are you going to do upon retirement?

    Just relax. I'm going to build one hotel at a time after I retire. Right now I'm building 30 hotels at a time.

    What was the first job you ever had?

    I delivered newspapers in Tokyo, Japan when I was 14 years old. I had a fight with my mom, and I ran away from home and I moved into the dormitory for the newspaper company and delivered newspapers.

    What was the fight about?

    I was crazy about martial arts. I came home one day and asked my mom for money to pay for my tuition for my martial arts school, and my mom told me I should concentrate on studying and she wasn't going to give me any more money to pay for it. I packed up and left.

    What did you do after you were in the newspaper business?

    When I was working at the newspaper company, a carrier of mine knew a chef in a Chinese restaurant. I got a job in the restaurant as a dishwasher. Three months later, the chef took me in as his student. I started to learn how to cook. At that time I thought I would grow up, save enough money and open a small restaurant, and that would be it for my life. That was my dream.

    Did you fulfill it?

    When I turned 18, I saved a little money and I went out and I bought my first restaurant. Between 18 and 23, I probably opened about 15 Chinese and Japanese restaurants.

    How have you been able to be successful?

    I don't think I am successful yet. My dream is to be a billionaire.

    What is your favorite hotel?

    InterContinental Hotel Hong Kong.

    Is it yours?

    I wish!

    Do you like to drink?

    Yes. I'm a good drinker. I'm well-known on the street — Sam Chang is a good drinker. Last night there was a cocktail party in the Four Seasons restaurant on 52nd Street, a cocktail party by Cushman & Wakefield's capital markets group, from 6 to 9. After I finished work, I walked in at 6:30. All the brokers, when they saw me, they went right to the bar and they said, "Sam, are you ready?" [I said], "I'm ready." We drank five shots of tequila.

    Where do you vacation?

    I go back to my country once a month. Not many people know me in my country, so I can go out with a lot of freedom.

    Do you have a driver?

    Yes. And I have a bodyguard.

    Why? Before we had some problems with the [construction] union, remember? [Chang had labor battles at his sites in 2006 because of his use of non-union general contractors]. We already made up, but at that time I had a lot of people threatening me.

    What's on the menu for dinner tonight?

    Let me put it this way — there are 21 meals per week. Ninety percent of my breakfasts I eat in my car because it takes me one hour to go to work from my house. Fifty percent of my lunches are in the car. Fifty percent of my dinners are business dinners in a restaurant.
    Do you eat American food or Asian food?

    Half and half.

    What publications do you read daily?


    How do you know what's going on in the world – like how do you know if a crane collapsed?

    People will call me.

    What's the deal with the large diamond ring you're wearing?

    This one is a ring for Hersha Hospitality [Management], my partner company. All the Hersha partners have this ring [with a diamond, number of carats determined by number of years of service] and this Rolex watch [with diamonds].

    What's one thing people don't know about you?

    People who don't know me think that I'm a real tough guy. But I'm a very easy person to get along with. I have all different kinds of friends. If you're a janitor, you can be my friend, all the way up to Donald Trump, who's my friend.

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