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The New York Post A1 New York Post, 202016, January Thursday, nypost.com Commercial Real Estate More than 120 new hotels are rising across the city in guests a building boom By LOIS WEISS ngoing hotel develop- ment is bringing more rooms to Gotham — and rates are holding steady despite the influx. of honor “We are still going Othrough a supply indigestion, as New York has suffered from over- supply and Airbnb as well as a big increase in the supply of rooms per night,” says Gilda Perez-Alvarado of JLL’s hospitality group. “However, New York continues to break visita- tion records, so the rooms are being absorbed [by demand].” But since many of the new hotel rooms, especially in the outer bor- oughs and those found midblock in Manhattan, are in the mid-market and economy levels, their lower rates bring the nightly averages down, she explains. According to NYC & Company, The Six the city’s official tourism office, Senses will 2019 saw a record 66.9 million visi- open in the tors from both home and abroad. new XI By the end of 2021, the city will (left), while have more than 144,000 rooms avail- the Waldorf able to visitors — and 3,900 of these Astoria will have come from the 20 new ho- tels that opened in 2019. (below) is More are on the horizon: Hotels in undergoing the construction pipeline include 56 a complete in Manhattan, 21 in Brooklyn, 37 in renovation. Queens, eight in the Bronx and one The XI; No‘ & Associates/The Boundary (inset) Boundary Associates/The & No‘ XI; The SEE PAGE A4 A2 1185 AVENUE OF BIG NEWS THE AMERICAS FLOORS 6-7 | 55,016 RSF FLOORS 11-15 | 137,374 RSF New York 202016, January Thursday, Post, nypost.com Available Q2 ‘20 FLOOR 19 | 27,235 RSF FLOORS 22-27 | 165,086 RSF Available Q4 ‘20 NEWLY COMPLETEDLETED CAPITAL PROGRAM! Amazing Views, Efficient Floor Plates & Transit-centric Location Gary M. Rosen 212.216.1687 [email protected] Howard J. Tenenbaum 212.216.1685 [email protected] slgreen.com A3 New York Post, 202016, January Thursday, nypost.com 1185 AVENUE OF BIG NEWS THE AMERICAS FLOORS 6-7 | 55,016 RSF FLOORS 11-15 | 137,374 RSF Available Q2 ‘20 FLOOR 19 | 27,235 RSF FLOORS 22-27 | 165,086 RSF Available Q4 ‘20 NEWLY COMPLETEDLETED CAPITAL PROGRAM! Amazing Views, Efficient Floor Plates & Transit-centric Location Gary M. Rosen 212.216.1687 [email protected] Howard J. Tenenbaum 212.216.1685 [email protected] slgreen.com A4 Commercial Real Estate The inn crowd From Page A1 in Staten Island. While lower rates are good news for tourists and business travelers, those who own hotels are work- ing hard to increase in- comes and bring the rooms into the 21st century with updates and technology. (2) Mitchell Hotel/David TWA New York 202016, January Thursday, Post, “Hotels nypost.com now have a focus on tech and making sure they have the high-speed Wi-Fi and dependability of service,” says Mark Owens, who specializes in hotel in- vestment sales at CBRE. Mobile phone check-in and QR code keys are just a few of the updates that ho- A new Ritz-Carlton is rising in Nomad (left), while the their income prima- tels are installing. TWA Hotel is a restoration and expansion of JFK’s rily comes from Iconic hotels, too, are re- swoopy 1960s-era terminal (above, right). room rates. thinking how their legacies Few hotels have fit into the needs of a new son Yards. One of the sleek- A cluster of new traded, but among era. The 350-room Waldorf est is the 212-room Equinox hotels is going up them is the 729- Astoria is undergoing a at 35 Hudson Yards, below between Fifth Ave- room Parker, most top-to-bottom renovation its glamorous residential nue and Broadway recently known as by its Chinese ownership apartments. The hotel and around West 28th Le Meridian, on West with many rooms turned retail portion of the 212- and 30th streets. 56th Street. It sold for into condominiums. “A ma- Ritz-Carlton The room Equinox is being sold These include the 460- $420 million in January jority of them are going through Douglas Harmon room Virgin Hotel at 2019 and is being re- condo,” says Owens. “Only taller, slimmer and with the at Cushman & Wakefield. 1225 Broadway and a 250- branded as a Thompson a small portion will be in latest in high-tech advan- “The Equinox is beautiful room Ritz-Carlton at 1185 with fewer rooms and the hotel bucket.” ces by a new ownership and part of the Hudson Broadway. The Fifth Ave- newly added condos. Next to Grand Central group that includes TF Yards,” says Owens. nue Hotel, anchored in a and Chelsea are liekwise Buyers from abroad are Terminal is the Grand Hy- Cornerstone and Michael Other upcoming area ho- historic building at 250 attracting see-and-be-seen still interested in the city, att, President Trump’s first Dell’s investment vehicle. tels are the 164-room Pen- Fifth Ave., will also have a hotels. These include the Owens explains, because Manhattan development. It New hotel projects are dry Manhattan West and new tower. These will join luxurious Six Senses New putting foreign capital into is soon to be completely also popping up on the the Courtyard by Marriott the Breslin, the Ace and the York at 76 11th Ave. in the dollars can mitigate risk in torn down and rebuilt West Side near buzzy Hud- Midtown West opposite Nomad to serve the area XI project, while the exclu- their home countries. Hudson Yards. around Madison Square sive Restoration Hardware “New York City will con- The 445-room Hard Rock Park, which also has the hotel at 55 Gansevoort St. tinue to keep its place as at 151 W. 48th St. and 238- Royalton Park Avenue. will have a mere 14 rooms. one of the world’s most room Margaritaville at 560 “It’s phenomenal to see In Midtown, another prominent tourist destina- Seventh Ave. at West 40th how the Ace and Nomad glam hotel is the Aman, be- tions,” says Perez-Alvarado. Street are soon coming to hotels reinvigorated that ing developed in the Lower numbers of interna- rock out in Times Square, submarket as a destination Crown Building at 730 Fifth tional tourists are due to joining the new Times and now a hub of luxury,” Ave. and West 57th Street. the strong dollar, she be- Square Edition with spec- said Owens. The city, however, lacks lieves. “When investors are tacular common areas. The Meatpacking District convention headquarters- looking [to buy], they look type hotels. Plans to con- at record high occupancy struct one opposite the Jav- levels. The infrastructure is its Center have never come better, there is a huge to fruition. growing middle class in “From a convention des- China and India that can tination, we are missing travel, and the city contin- that cylinder of the engine, ues to be one of the most but from an occupancy per- liquid investment markets spective New York is still in the world.” doing well,” says Owens. Don’t forget the 512-room “Even midsize groups TWA Hotel at JFK airport, could benefit from having a opened in May 2019 as a headquarters-style hotel.” restoration and expansion But he notes that giant ball- of the Eero Saarinen termi- rooms and other confer- nal building. It wouldn’t be ence-necessary event spa- an exaggeration to say that Hard Rock International; Margaritaville International; Rock Hard ces don’t add to hotel com- the city’s hotels are truly The Times Square area will welcome an edgy Hard Rock hotel (above left) and a splashy Margaritaville property (above right). panies’ bottom lines, as taking flight. New York Post, Thursday, January 16, 2020 nypost.com A5 A6 Commercial Real Estate Hudson Yards’ New renderings for 3 Hudson 3 Hudson Boulevard show its 1,000-foot Boulevard height (left) and double-height unveiled HUDSON floors (inset). By LOIS WEISS BRAND-NEW de- sign has been re- vealed for 3 Hud- son Boulevard, a long-planned tower with 1.85 million STAR Asquare feet of office space. Just shy of 1,000 feet tall, 3 Hudson Boulevard will top out at 56 stories with several floors having nearly Gensler (2); Studios Binyan 30-foot-high ceilings and New York 202016, January Thursday, Post, plenty nypost.com of terraces. It is slated to be ready for ten- ants at the end of 2023. The $3 billion-plus project, located on the northwest corner of West 34th Street and Hudson Boulevard, is a collabora- tion between Joseph Moin- ian and office real estate And the inside is just as development for Bos- ants who are expanding investment trust (REIT) extraordinary. “We wanted ton Properties: “They or have leases expiring. Boston Properties. something with a big state- are the best products Rents would start at The REIT is an experi- ment,” Powers says. and they ‘delight’ the about $110 per square foot enced developer that owns We designed The center core building customers.” for the lower floors and and has built office build- the building has just one support col- “They are not typical,” rise from there — not a ings from Salesforce Tower “ umn for the large, 50,000 Moinian adds proudly. shocking number for in San Francisco to numer- square-foot podium floors The “delighter” floors in the Big Apple, the entire brand-new Class A space. ous Boston projects and, from the that run from stories 3 to 7.
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