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Retail: Downtown Hotels A Good Bet

Hotel industry insiders express confidence in timing and Downtown demand

By Natalie Dolce | Updated on May 16, 2008

Some commercial real estate insiders have recently expressed nervousness in regards to the current economic state. However, Kent Swig, president of locally based Swig Equities LLC, who recently revealed plans to construct a 62-story, luxury, mixed-use development Downtown, says the real estate market is strong. “I would rather be building into a better market than one that is slipping.”

Swig says construction on the all-glass tower development, which includes the US debut of the Nobu Hotel and Residences and a Nobu restaurant, will take anywhere from 20-24 months to build, “and I am assuming that we will be in a better market then, than we are today.” Although Swig says he has construction cost numbers, he cannot provide them at this time. He did note that he anticipates ground-breaking in the third quarter of this year.

He explains that it is a great time to be Downtown. “There are more and more tenants heading there.” The tower will be located in the heart of Lower Manhattan’s Financial District neighborhood at 45 Broad St., across and down the street from the New York Stock Exchange.

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