Durst Fetner, Schrager split at Herald Square development site

TRD New York /
Jun.June 13, 2012 09:30 AM

Contrary to previous reports, Ian Schrager will not bring a Public Hotel to Durst Fetner Residential’s Herald Square development site, the New York Post reported. A Durst spokesperson said the partnership “couldn’t make the financials of the deal work” for 855 Sixth Avenue, at West 30th Street, and that the developer is in talks with other hotel brands instead. A design won’t be finalized until a hotel is on board.

Reports first emerged of a Schrager-Durst Fetner partnership at the site in November, and Schrager was expected to operate a 250-room hotel on the bottom 16 floors of a 56-story tower designed by Cook + Fox Architects.

Though this deal fell through, Schrager told the Post that he is in contract for another site, though he wouldn’t reveal the location. The boutique hotelier said he is not targeting the luxury market because he thinks guests are still price sensitive, and so he’s looking for deals where he’d spend between $400,000 and $500,000 per room.

Finally, Schrager said he thinks the Bowery is ripe for hotel development. [Post, 1st item]


Related Articles

arrow_forward_ios
Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

arrow_forward_ios