Andaz Wall Street, which is being developed by the Hakimian Organization along with its partners, Peykar Brothers Realty and Gorjian Properties, will be a hotel-condo, according to Hyatt. The 253-key hotel portion will take up the lower 18 floors of the property, while the upper 24 floors of the 42-story tower will contain 350 condo units.
The Rockwell Group is designing the interiors and public spaces, which include a solarium and lounge, fitness center and grand lobby with a three-story atrium. The Barclay Bank building at 75 Wall was developed in 1986 and at one time served as the Downtown headquarters of JPMorgan Chase.
An affiliate of Hyatt bought 485 Fifth from Belfonti Capital Partners and the Carlyle Group for $136 million in 2006. Belfonti had begun converting the former office property for residential use; it will now offer 144 keys designed by Tony Chi, including fractional ownership units on the top floors. According to published reports, the time shares will be rented out as hotel rooms if they don't sell.
Last week, developer Sam Chang, CEO of McSam Hotel Group, reportedly filed plans with the city for what will be the first Hyatt Place in Manhattan, located at 208-210 E. 52nd St. A spokeswoman for Hyatt Place tells GlobeSt.com the 235-key property is scheduled to open in the fourth quarter of 2012.
Also under development in Manhattan is a 188-key Hyatt Place on West 36th Street between Sixth and Seventh avenues, which the spokeswoman says is scheduled to open in Q4 2010. A 174-key Hyatt Place on Nevins Street in Brooklyn, announced last week, is expected to open in winter 2011. Hyatt is building it with Hersha Hospitality Trust, and like the East 52nd Hyatt Place, it is being developed by McSam. On Long Island, a 122-key Hyatt Place is in development for 3 North Ave. in Garden City and is expected to open in the first quarter of next year. The Hyatt Place brand is described by Hyatt as "casual hospitality with a balanced mix of comfortable and functional amenities."
With the hotel construction pipeline having gotten considerably less crowded in the current downturn, Hyatt's planned expansion from one New York City property to six in the space of about three years may strike some as chancy. A spokeswoman for Andaz did not respond to GlobeSt.com's inquiries; however, in an interview published last week, Global Hyatt CEO Mark Hoplamazian said, "We are bullish on New York. I don't think the economy will dramatically get worse from where we are now. I don't see a further significant downturn." In the original Manhattan location--the Grand Hyatt at 109 E. 42nd St.--a $12-million renovation of the ballroom is slated to begin this summer.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
