Schrager to bring NYCs first Public Hotel to Durst Fetner site

November 14, 2011 09:01AM

From left: Ian Schrager, the lobby of his Public hotel in Chicago and 855 Sixth Avenue

Ian Schrager will bring his first Public Hotel to New York at a Herald Square site being developed by Durst Fetner Residential, the Wall Street Journal reported. The plan calls for a 250-room hotel on the 16 lower floors of a Cook + Fox Architects-designed 56-story residential building at 855 Sixth Avenue Near 30th Street.

Schrager is famous for pioneering the boutique hotel concept, but with the Public line, one of which recently opened in Chicago, the hotelier plans to build more value-oriented hotels.

“The boutique [hotel market] is overcrowded now and very competitive,” Schrager said. “People are now just replicating someone else’s idea, only in a different color.”

Public New York will charge about $300 per night and have a 10,000-square-foot restaurant, nightclub and bar, a gym and an outdoor garden. Tenants of the 40 stories of rental apartments above the hotel will have access to those amenities. Durst Fetner expects the one-bedroom and two-bedroom units to rent monthly for $4,500 and $6,500, respectively.

In the meantime, Marriott was recently revealed as the buyer of the Madison Square Park Clock Tower and it announced it will work with Schrager to bring an Edition Hotel to the property. [WSJ]