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Boutique Hotel to Rise on 30-Year Old Parking Lot

NEW YORK-Richard Born and Ian Schrager purchased the property for $7 million and plan putting up a $30-million property.

By John Howe | Updated on March 12, 2001

NEW YORK CITY-A 13,000-sf lot at 32 Bond St. has been sold to hotel developers Richard Born and Ian Schrager for $7 million. They plan to build a 70,000-sf boutique hotel on the site that will have approximately 100 rooms. Development costs are estimated at $30 million.

Located in NoHo near the Public Theatre and New York University, the site has been a parking lot for the past 30 years. The owner, a developer of residential properties, had been considering applying for a change in the lot’s M1-5 zoning to one that would permit multifamily housing when he was approached by Lynette Tulkoff, director of investment sales for D.G. Hart. When he agreed to dispose of the site instead, she contacted Born, who owns the Hotel Wellington and is developing the Chambers Hotel on 56th Street with partner Ira Dracker.

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