The Real Deal New York

Manhattan’s Fourth Avenue sees high-end rebirth

January 18, 2013 10:00AM

A rendering of 51 Astor Place

With new projects such as 51 Astor Place and the Hyatt Union Square, Fourth Avenue is being reincarnated as a high-end neighborhood, the Wall Street Journal reported.

The Hyatt Union Square, which is yet to announce an opening date, will offer 178 upscale rooms and suites starting at $319 a night. It is located at East 13th Street, north of the Fumihiko Maki-designed 51 Astor Place, a 13-story mixed-use office and school building being developed by Minskoff Equities.

Those familiar with the area, however, say that the transformation has been in the works for a while. “We get to exist between those two great areas of traffic: Astor Place and Union Square,” James Woods, the general manager of Royal, a posh new sports bar at 127 Fourth Avenue, told the Journal. “And we don’t have to cater to NYU kids. We’re seeing a rise in customers who are successful professional 30-somethings who are done with that college scene.”

The East Village, once known for its grit, has recently experienced a surge in residential construction and prices, as The Real Deal previously reported. [WSJ]- Hiten Samtani

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