Boutique hotel planned for site adjacent to historic Williamsburgh Savings building

TRD New York /
Apr.April 04, 2013 06:00 PM

A 250-room hotel will go up next to the historic Williamsburgh Savings Bank building in Brooklyn, a spokesperson for the developer, Juan Figueroa, confirmed to The Real Deal today.

The hotel is still in the early planning stages but should rise 40 stories on a site adjacent to the old bank building, at 175 Broadway, which has undergone an extensive renovation and will open later this year as an event space.

“It is going to be the hottest hotel in Brooklyn – no question in my mind,” said Edward Eschmann, a director in CBRE’s evaluation group, who is familiar with the project.

The boutique hotel will probably be ready for business by early 2015, both Eschmann and the developer’s spokesperson said; Figueroa, though doesn’t have financing yet for the project, Eschmann told TRD.

Previous reports had speculated that Figueroa would convert the bank itself into lodging; the next-door space, empty but part of the same plot, will let the developer build a much taller hotel.

Proximity to the Williamsburg Bridge and Peter Luger Steakhouse should help boost the hotel’s profile. The domed bank is one block south of the bridge, at Driggs Avenue.

Figueroa bought the building from HSBC in 2010 for $4.5 million; the makeover – estimated at about $3 million, according to reports – is nearly complete, Figueroa’s representative said. The developer expects to begin scheduling weddings, other celebrations and conference as soon as September, although everything is contingent on the careful restoration work going as planned.

“[Figueroa] is piece-by-piece hiring each person who is the best in their field,” to reproduce each element of the building, which is 137 years old, his spokesperson said.

 

Related Articles

arrow_forward_ios
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
From left: Embassy Suites at 60 West 37th Street, Ashford Hospitality Trust CEO Douglas Kessler, Magna Hospitality Group CEO Robert Indeglia and Royalton Hotel at 44 West 44th Street (Ashford, Magna Hospitality, Google Maps)

Royalton, Garment District hotels sell at discounts

Royalton, Garment District hotels sell at discounts
arrow_forward_ios

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

Loading...