I think hotels in Manhattan will do well, but I’m worried about the outer boroughs, with the exception of Downtown Brooklyn, Cobble Hill and Dumbo. With so many new hotels of all price points in Manhattan, who wants to schlep to hotels in Long Island City and the Bronx to go to a rooftop bar and then rest their head? They will likely only travel to the outer borough hotels with a mission to save money, but they can find the same price points in Manhattan.
Last month, Hyatt Hotels’ 184-room Andaz opened at 485 Fifth Avenue at 41st Street in the former Rogers, Peet & Company Department Store, directly across the street from the New York Public Library. The hotel is the home of the “The Shop,” a 38-seat restaurant on the ground floor using food from New York state farms and local purveyors.
Times Square just welcomed the 607-room InterContinental Hotel Times Square. The development is the largest ground-up hotel in Manhattan in eight years. In the base of the building, at 300 West 44th Street at the corner of Eighth Avenue, is a recently opened Shake Shack.
In Lower Manhattan is the recently opened, 58-story W Downtown Hotel & Residences at 123 Washington Street, one block from One World Trade Center. The hotel features the BLT Bar & Grill which opened last month.
The Gansevoort Park Avenue is set to open this month at the intersection of at 420 Park Avenue South on the corner of 29th Street. The 19-story 249-room hotel features a tri-level rooftop with a plunge rooftop bar and lounge, an expansive sundeck and a signature indoor-outdoor pool with unobstructed views of the Empire State Building.
Yesterday, the 83-room Chatwal New York at 130 West 44th Street officially opened. The hotel is located in the landmark Stanford White building, once the home of the Lambs, the first professional theatrical club in the country. The hotel will feature celebrity chef Geoffrey Zakarian in the Lambs Club Restaurant.
Come Sept. 1, the James New York will open its doors. The new 114-room hotel anchors the southwest corner of 27 Grand Street at Thompson Street. It is rumored that David Burke will be operating the restaurant at the James, which is located on the former site of the Moondance Diner. Burke is no stranger to the James, having operated David Burke’s Primehouse at the first James hotel, in Chicago.
Also in September, the 133-room Fairfield Inn & Suites will be opening at 181 Third Avenue in Boerum Hill, Brooklyn and other hotels are coming to the Bronx and the Long Island City area of Queens, including one by Japanese no-frills hotel operator Toyoko Inn, which is expanding into the U.S. market.
Michael Stoler is a columnist for The Real Deal and host of real estate programs “The Stoler Report” and “Building New York” on CUNY TV and on WEGTV in East Hampton. His radio show, “The Michael Stoler Real Estate Report,” airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.