New York City's hotel boom absorbs office buildings

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  1. uggboy
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    uggboy Gold Member

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    New York City's hotel boom absorbs office buildings:)

    SOURCE: http://travel.usatoday.com/hotels/p...om-changes-outmoded-office-buildings/655791/1

    Interesting trend in NYC! Only time will tell us how it is going with overnight rates and occupancy percentages plus is it a long-term trend?:)
     
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  2. viguera
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    viguera Gold Member

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    I used to work at 1 Madison Ave (the building connected to the clock tower) over 10 years ago for Credit Suisse and talks about conversion were strong even back then.

    I remember when SL Green purchased the tower with plans to turn it to apartments (which eventually fell through, and even One Madison Park across the street was not without its growing pains), and Hilfiger was supposed to build a hotel as late as last fall before that plan fell apart.

    Who knows, an Edition there would be interesting considering the lack of nearby upscale choices, proximity to midtown and all, but as with all other NYC real estate, only time will tell.

    The lobby is striking, but I don't know how they would separate the commercial portion of the building from the hotel lobby itself. Either way someone's gonna be unhappy about having to share the space... :)
     
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  3. uggboy
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    uggboy Gold Member

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    Thanks for the insights viguera!:)

    I can still remember the Tommy Hilfiger proposal for the clock tower and now Marriott moves in with their boutique "Edition" brand! Only time will tell! Thanks again!
     
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