The 57-story W Hotel New York-Downtown Hotel & Residences will rise in the midst of the extensive office redevelopment currently under way and will be located at 123 Washington St., just across the street from the recently approved Freedom Tower. The newest W Hotel will contain 217 hotel rooms and 222 residential units. It is slated to open in 2008, with the sales office opening later this year.

"W is deeply connected to Manhattan and we're proud to be a part of this important project to revitalize this part of the City," says Ross Klein, president of Starwood's Luxury Brands Group. "W New York-Downtown will create a destination inside a destination, adding substance, style and luxury to Manhattan's most anticipated new development."

Moinian is the owner and developer of the project, which is being designed by Gwathmey Siegel & Associates Architects. SHVO Marketing has been pegged to market the residential units. A spokesperson for SHVO tells GlobeSt.com it is to early in the project to discuss specifics like unit size or price. Starwood and Moinian did not return requests for comment.