Sun sets on hotel boom in Brooklyn neighborhood
January 14, 2009 12:50PM By Gabby Warshawer
McSam's Days Inn on 39th Street between Fourth and Fifth avenues
From the January issue: A few years ago, the prolific McSam Hotel Group opened a Days Inn in Sunset Park, the Brooklyn neighborhood south of Park Slope and north of Bay Ridge. At the time, it seemed like a new day was dawning for hotels in the area. The hotel's location -- on 39th Street between Fourth and Fifth avenues -- is close to Sunset Park's long stretches of rowhouses and commercial properties. The 43-room hotel is also a block and a half from the Gowanus Expressway, which runs over Third Avenue. Now, five other hotels, most in the border zone between Sunset Park's industrial and residential sections, are planned or in some stage of development nearby. Like the Days Inn, most of the planned hotels will be economy lodgings. However, the trend toward hotel development is unlikely to proceed past the properties that are already in development. For one, financing for hotel construction has been almost impossible to obtain as the credit crunch has worsened. In addition, the McSam Group fears Brooklyn will soon see a glut of hotels.
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Comments
Anonymous
all will be either welfare dens, flop houses or hooker palaces within 5 years. welcome to the neighborhood
Comment #1 Posted By: Anonymous 01/14/09
Anonymous Commenter #1, that is totally ridiculous! Sunset Park is not what it used to be in the 80's and early 90's. I moved there a few years ago from Park Slope and my wife and I both love it. I am on an express train line, which gets me to Manhattan in 20 minutes, and the rents and purchases prices are far less that the neighboring Park Slope. Quite frankly, I believe Sunset Park may be the best real estate investment opportunity in NYC, especially right now. The fact that this area is wedged b/w the long established Bay Ridge and booming Park Slope (with many trains contecting everything), there is now doubt in my mind that Sunset Park will blossom into a similarly trendy neighborhood in time. Rememember, Park Slope was an unsafe, "up and coming" neighborhood 10 short years ago...you do the math.
Comment #2 Posted By: 01/27/09