NEW YORK CITY-As large mixed-use projects continue to make headway throughout Manhattan, heavy-hitters Durst Fetner Residential and hospitality icon Ian Schrager are teaming up to develop a new hotel and rental apartment building in Midtown’s Herald Square submarket. The joint venture partners plan to build a 250-key hotel and 315 rental units at 855 Sixth Ave., a project near DFR’s successful 58-story Epic mixed-use tower between 30th and 31st Streets.
The 155,000-square-foot hotel, to be called “PUBLIC New York,” will include a 10,000-square-foot restaurant, an outdoor garden, a bar, a nightclub, banquet and meeting spaces, 10,000-square-foot gym, a swimming pool and other amenities. The hotel will be managed by Schrager, who is also a partner in the hotel ownership joint venture with DFR.
The hotel will be housed on the first 16 floors of the building and the rental residences will be perched on floors 20 to 56 above. The 486,000-square-foot building also will have 60,000 square feet of retail on the first and second floors. The JV expects a spring 2012 groundbreaking and a 2014 opening. It will be designed by Cook + Fox Architects and will be Schrager’s first ground-up hotel in New York.
The entire development will continue building on the growing momentum on Manhattan’s West Side. Damon Pazzaglini, COO of DFR, says the project will link residential neighborhoods to the south with the commercial district to the north into one cohesive neighborhood. “It will soon become a New York landmark,” he says, in a statement.
After working on notable luxury apartment towers like 40 Bond and 50 Gramercy Park North, the project will be the second development in Schrager’s PUBLIC brand, which combines hotel, fine dining, nightlife and high design all in one. In addition, DFR is also developing a 700-unit residential building on West 57th Street and completing a 55-story, 250-unit residential building at 5 E. 102nd St. for Mt. Sinai Medical Center on the Upper East Side.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
