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New York

Ace Hotel to land on Downtown Brooklyn site

Ace Hotel's 20 West 29th Street location in Manhattan
Ace Hotel's 20 West 29th Street location in Manhattan

Ace Hotel is reportedly eyeing a new Downtown Brooklyn locale.

GFI Capital Resources is in the process of closing a deal with the brand, which currently has a Manhattan spot at 20 West 29th Street, the New York Observer reported. Allen Gross, president and CEO of GFI, picked up several of Parcels On Bond Street at the corner of Schermerhorn Street, and plans to place the trendy hotel on the site.

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“We think there’s still a lot of room in the market for additional hotels, especially brands like Ace that come with a hospitality and nightlife component,” Tucker Reed, president of the Downtown Brooklyn Partnership, told the Observer. GFI and Spruce both declined to comment.

The hotel would be the latest in a string to land along Schermerhorn Street, including a 13-story EVEN Hotel at the Nevins Street intersection and a Holiday Inn at 300 Schermerhorn Street. [NYO] — Julie Strickland

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Ace HotelsGfi Capital Resources Group