Cosy NYC Downtown Hotel Development on the Go

March 01, 2011 / Elizabeth Buckley, Commercial Property Analyst

The founder and the CEO of Moinian Group, American tycoon in real estate business — Joseph Moinian, plans to redeveloped a vacant five-storey building in at 237 West 54th Street into a 34-storey downtown hotel. The developer, according to a report, has face several foreclosure issues recently, has applied for a building permit in New York’s Building Department for the development of the downtown hotel.

Cosy NYC Downtown Hotel Development on the Go

Another hotel project would also be developed in downtown New York under the Park Hyatt luxury trade name. It seems like the city is attracting several commercial development this year as Hyatt Hotels Corporation and Extell Development Corporation announced the hotel’s development plan. The hotel would be constructed across Carnegie Hall, making it another downtown hotel, after completion

The NYC Building Department is said to be in the process if reviewing Moinian’s downtown hotel’s plan, but has recently permitted the demolition of the old five-storey building in the area — between Eighth Avenue and Broadway.

Building plan for the downtown hotel is designed by Manhattan-based architect Gene Kaufman.

Preliminary plan for the 171,129 square feet downtown hotel include a ground floor restaurant, 14 hotel rooms per floor (starting form the 2nd to the 19th floor), about nine hotel rooms in 20th floor, and ten rooms reach for the remaining floors.

But according to representative of Moinian Group, there is still nothing to “talk about” regarding the downtown hotel project because all plans are still on the preliminary stage, and the scaffolds around the vacant building are only for clean up measures.

Right next to the planned downtown hotel, according to a report, would also be hotel development planned by Broadway Granite Development

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