99 Church to Go Hotel-Condo

After months of speculation, Larry Silverstein has finally decided to convert 99 Church into a hotel-condo. The Real Deal has the scoop late this afternoon. Silverstein will build a 60-story mega-hotel-condo, with the first 20 floors turning into a ritzy hotel and the rest of the tower going residential.

Lauren Elkies quotes Lisa Silverstein, Larry’s daughter and Vice President of Silverstein Properties, saying the site makes sense as condo since “there’s zero competition.”

“I realized there are just no grand Park Avenue apartments downtown, and I’d like to create that,” Ms. Silverstein said.

So with Larry jumping on board–and Joseph Moinian building a W Hotel on Washington Street–is the swanky hotel the big new trend downtown? Who else is going to follow suit?

- John Koblin