Search
 

Silverstein, Four Seasons Team for Downtown Hotel

NEW YORK CITY-Moody's former headquarters at 99 Church St. will become a hotel and condo development. It will be the tallest residential building Downtown when complete.

By Melissa Kress | Updated on January 29, 2008

NEW YORK CITY-With just weeks to go before the new office buildings at the World Trade Center site begin to rise, Silverstein Properties has partnered with Four Seasons Hotels and Resorts to bring one more project to the area: a hotel and condo development at 99 Church St.

Located between Barclay and Park Place, Moody’s called the site home before moving to 600,000 sf at 7 World Trade Center. As a result of the move, Silverstein and CalSTRS bought 99 Church St. in late 2006 for $170 million, as GlobeSt.com previously reported. Metro Fund LLC, a joint venture between the two owners, is redeveloping the property.

With office, retail and residential development growing Downtown, Silverstein turned to one real estate industry sorely missing in the neighborhood: hospitality. “Downtown has a hospitality deficit,” he explained at a Tuesday morning conference sponsored by the Alliance for Downtown New York and the Downtown-Lower Manhattan Association. “There are currently 400 fewer hotel rooms Downtown than before Sept. 11.” With approximately 2,500 existing rooms, Downtown has less than 4% of all existing hotel rooms in Manhattan, he added.

Silverstein announcing the new hotel-condo project. Silverstein announcing the new hotel-condo project.

The new 80-story, 912-foot tower will include a 175-room, five-star Four Seasons in the first 22 floors with an entrance on Barclay Street, and a 143-condo development in the remainder of the tower, with an entrance on Park Place. “When it tops out in 2010 it will be the tallest residential building Downtown,” Silverstein said.

Development costs were not released. Construction is slated to begin in June, with a 2011 completion date.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.