New Yorkers may have more reasons to travel on the 1 train uptown, as yesterday it was formally announced that not only is a renovated pool making its long awaited splash to the Washington Heights community and neighborhood, but also a pricey hotel (estimated at $22 million to build) will be making its way to the area—a 54 room property catered to families who have family members in the surrounding hospitals, or whom are just simply visiting the areas in general.
The $22 million project will be celebrating its groundbreaking at 514 W. 168th St. on July 30.
“There has long been a need for a hotel in this area where patients’ families can stay,” said Kenneth Knuckles, chief executive of the Upper Manhattan Empowerment Zone, which is providing $1.1 million of the debt.
Moinian Group’s director of development, Oskar Brecher, is the borrower and developer of the project along with Ari Sherizen, a former Moinian executive. UMEZ had been working with the partners on the deal for more than a year.
The New York City Regional Center, which provides economic development loans in high unemployment areas, is lending the developers $17.5 million. The developers have already purchased the land, a vacant lot that had been used for parking, and are sinking $2.2 million into the hotel’s construction.
The hotel does not yet have a name, but it will likely be a brand such as a Hampton Inn or Holiday Inn and it is expected to be completed in 2014.
“It is only the second hotel to be built north of 110th Street,” said Mr. Knuckles, referring to the Aloft Harlem hotel that opened a couple of years ago.
Source: Crain’s New York