There will be a small plaza and parking in that space. Part of the overall development. Lucky them to have parking though. Kinda a luxury in Manhattan, even for a hotel.
Ian Shrager’s phallus is now officially a member of the Bowery skyline. Set to rise a whopping total of twenty-four stories, the new Public Hotel/boutique condo has already ascended more than half that height. In fact, it’s surpassed the former Avalon Chrystie on the northern flank, as previously reported.
Now the concrete skeleton is clearly visible behind another neighborhood latecomer – the Sperone Westwater Gallery – and has passed it, too. Precisely what the gallery wanted to avoid, and the basis for futile legal proceedings nearly three years ago. You’ll recall that Sperone had sued to keep the hotel-condo from happening, arguing that the Board of Standards and Appeals failed to properly assess the environmental impact of such a large construction in this area. That didn’t go so well, though, and the case was tossed.
Indeed, Ian Schrager’s forthcoming Public Hotel at 215 Chrystie Street will feature food and beverage by Jean-Georges Vongerichten. Being such a high-roller project, this is a match made in heaven.
According to application materials submitted to Community Board 3 today, the Michelin-decorated chef paired up with Phil Suarez to helm the gargantuan ground level operation. It’s a three-pronged endeavor that includes restaurant, coffee bar, and garden area. All licensed to serve more than 240 patrons.
Notions of a gritty Lower East Side are giving way to luxury condominiums, thanks to a string of multimillion-dollar condo deals.
Even with luxury sales dipping citywide, developers at One Manhattan Square and 215 Chrystie Street are selling penthouse units for relatively large sums, the Wall Street Journal reported.
The average sale price for condos on the Lower East Side dropped to $1.14 million in October, down 16.1 percent from $1.36 million a year earlier, according to real estate appraisal firm Miller Samuel.
Among properties $4 million and up, the number of contracts signed so far this year is down 18 percent from last year, according to Olshan Realty.
At 215 Chrystie Street, the penthouse asking $23.5 million measures 4,200 square feet with three bedrooms and a media room. The project has 11 condos atop a 370-room hotel, expected to be completed in the spring of 2017.
Public Hotel Spells Itself with Towering Announcement in Lights; Opening is this Summer
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Ian Schrager’s Public Hotel on Chrystie Street has been standing tall since April 2016. That’s when the shadow-casting condo-hotel topped out at 28 stories. Now, a year later, debut is still several months from happening. But the, ahem, public rollout just began.
Team Schrager is now spelling itself with lights. Earlier this week, a six-story network of bulbs was installed down the north-facing exposure, which spells “Public” with one letter per floor. They really want you to get excited about this place.
Meanwhile, we’re told that bookings for the 370-room Public Hotel will commence on April 4, but that a proper opening won’t happen until “early summer.”
As previously reported, the self-described “tough luxe” development – acquired by prolific hotelier Schrager in 2012 for $50 million – boasts eleven ultra-pricey “one of a kind” condos atop the lodge.
Jean Georges Vongeritchen is in charge of the food and beverage component for the out-of-context hotel. The ground floor restaurant-coffee shop-bar will be accompanied by another ten other complementary venues within the 28-story development. Community Board 3 heard the proposal in April 2016, and granted approval.
215 Chrystie Street is the first Public-branded hotel for New York City proper.
Witkoff, Schrager score $173M refi for LES hotel-condo project
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Witkoff Group and hotelier Ian Schrager, the developers of the under-construction hotel-condominium at 215 Chrystie Street, refinanced the project with a $173.3 million loan from Starwood Capital Group, documents filed with city Monday show. The debt replaces and consolidates three prior loans from Massachusetts Mutual Life Insurance.
Schrager and Witkoff are building a 370-key hotel at the Lower East Side site, along with 11 condo residences, 10 of which have already gone into contract, including a penthouse that listed for $23.5 million. The units have a total target sellout price of $118.4 million, filings with the New York State Attorney General’s office show.
The hotel at the 28-story building will take on Schrager’s “Public” brand, one of two such hotels Schrager has said he will bring to Manhattan; the other is planned for a still-undisclosed site on the West Side. Schrager will also open a “Public” hotel at Kushner Companies, RFR Realty and LIVWRK’s Dumbo Heights redevelopment in Brooklyn.
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