Prudential Douglas Elliman managing director Ilan Bracha is planning a 120-key boutique hotel for 57th Street, just west of Fifth Avenue.
The location is at 16-18 West 57th Street, between Fifth and Sixth avenues and near Bergdorf Goodman.
“It’s a great, great location for a boutique hotel,” said Frank Williams of Frank Williams & Partners Architects, the project’s architect.
Bracha purchased the 100,000-square-foot property in August for $60 million, city records show. Bracha’s development arm is called B & B Investment Group, Williams said.
The hotel will have rates of about $1,000 a night, Williams said.
Williams said plans call for 25,000 square feet of retail on the bottom three floors. Plans could include a single retailer, or a retailer and a restaurant.
Rent would be in the neighborhood of $1,000 a square foot.
Bracha was unavailable for comment.
At one point, plans for the site included a residential component.
“We’re not doing any residential now. It’s not large enough,” Williams said.
The building will house an 8,000-square-foot health spa, but no pool. Bracha is in contact with a major boutique hotelier to run the development, Williams said.
The current retailers at 16-18 West 57th Street include a Sleepy’s mattress store, Arthur Murray Dance Studios, Warren-Tricomi Salon and Metropolitan Antiques & Gems. They “are being bought out,” Williams said.
Construction is slated to begin in six months and will be completed 18 months later, said Williams, who was also one of the architects for the Four Seasons Hotel New York nearby on East 57th Street.
A little further west on 57th Street, Extell Development Company plans a five-star, luxury hotel on a site between Seventh and Eighth avenues, near Carnegie Hall, which is on the corner of 57th Street and Seventh Avenue. By Lauren Elkies