Herald Square Office Building to Become Hotel

960sixth 0 Herald Square Office Building to Become HotelThe real estate group that recently bought a Herald Square office building for a bargain-basement discount has decided to turn it into a hotel.

Hidrock Realty, which bought the old Atlantic Bank building at 960 Avenue of the Americas for just $40 million—$65 million less than its former owner paid for it just three years prior—is going into the hospitality business, according to The Wall Street Journal:

A conversion would take about 18 months and cost about $25 million, [Abraham] Hidary says. The entire building, which was built in 1928, could be converted into a 160-room hotel. Hidrock also may decide to leave some or all of it as office space if there’s tenant demand, he says.

Hotel experts say that the Manhattan hotel market has rebounded off its lows but still is far from its peak. The occupancy rate was 79% in the first four months of this year compared with 83% the first four months of 2008 and 73% last year, according to PKF Consulting. Revenue per room per day was $173 the first four months of 2010, compared with $235 in 2008 and $160 last year.

More here.

drubinstein@observer.com

Article continues below
More from Politics
STAR OF DAVID OR 'PLAIN STAR'?   If you thought "CP Time" was impolitic, on July 2 Donald Trump posted a picture on Twitter of a Star of David on top of a pile of cash next to Hillary Clinton's face. You'd think after the aforementioned crime stats incident (or after engaging a user called "@WhiteGenocideTM," or blasting out a quote from Benito Mussolini, or...) Trump would have learned to wait a full 15 seconds before hitting the "Tweet" button. But not only was the gaffe itself bad, the attempts at damage control made the BP oil spill response look a virtuoso performance.  About two hours after the image went up on Trump's account, somebody took it down and replaced it with a similar picture that swapped the hexagram with a circle (bearing the same legend "Most Corrupt Candidate Ever!"!). Believe it or not, it actually got worse from there. As reports arose that the first image had originated on a white supremacist message board, Trump insisted that the shape was a "sheriff's star," or "plain star," not a Star of David. And he continued to sulk about the coverage online and in public for days afterward, even when the media was clearly ready to move on. This refusal to just let some bad press go would haunt him later on.
Donald Trump More Or Less Says He’ll Keep On Tweeting as President