Silverstein to build Four Seasons hotel-condo Downtown

New York /
Jan.January 29, 2008 02:37 PM

Larry Silverstein, whose enthusiasm for Lower Manhattan has persevered through the protracted rebirth of his World Trade Center site, capped an upbeat view of Downtown’s prospects at a civic breakfast this morning with the presentation of a plan to build a Four Seasons hotel-condo just east of Ground Zero.
 
The project, at 99 Church Street across from the Woolworth Building, will demolish the former Moody’s headquarters to clear room for a 912-foot tower with 175 hotel rooms and 143 condominiums. Silverstein, speaking to a collection of Downtown investors and boosters in a Wall Street ballroom, said the building would be New York’s largest residential tower and, with a Four Seasons flag, address the Financial District’s “hospitality deficit.”

That deficit could turn into a surplus, though. The Downtown Alliance, a co-sponsor of the breakfast, announced today that at least 10 hotel projects with more than 1,500 rooms are in the works.
 
Silverstein and Four Seasons president Katie Taylor presented the deal as proof that Lower Manhattan’s luxury condo cluster can grow through turbulence in the financial sector and delays in key public projects.

If it reaches 80 stories, the tower would be the city’s tallest residential building.
 
“The new population is coming for cutting-edge, high-design and environmentally conscious living space,” Silverstein said.
 
The Four Seasons project, designed by Robert A.M. Stern Architects, should top out in 2010 and open a year later. Corcoran Sunshine is handling sales.

Silverstein seems to be betting that Lower Manhattan can attract a critical mass of upscale residents and visitors with the sterling brands of Stern and the Four Seasons, which could remain attractive even if Wall Street’s troubles cast gloom over the economy.

Silverstein told reporters that delays in public works like the MTA’s Fulton Street transit hub would not sap the area’s appeal as a 24-hour destination. “In 2012, we’ll all be enormously gratified,” he said.
 
The Four Seasons deal and a ground-floor lease at 120 Broadway to Capital Grille, which Silverstein also announced today, both represent the second Manhattan outposts for those national chains.
 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
Ira Drukier with the Hotel Chelsea (Getty, Patrick McMullan/Getty)
Chelsea Hotel owners sue city for $100M over renovation delays
Chelsea Hotel owners sue city for $100M over renovation delays
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...