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Glory Be, Here Comes a Park Hyatt for NYC

Where: 157 W. 57th St. [map], New York, ny, United States
March 3, 2009 at 11:34 AM | by | Comment (1)

We're not so sure it's the right time to get excited about this and, you know, we won't be holding our breath or anything considering the latest string of announced projects that have been nixed, but rumor has it that there's a Park Hyatt on its way to midtown Manhattan.

Curbed pointed us toward an Observer article that mentions plans have been filed for developing a tower at West 57th Street, diagonally across from Carnegie Hall:

George Arzt, Extell's spokesman, said the tower would contain a hotel and a residential complex. If Extell's timing is right, the building might top off just as the economy begins its recovery, at some unknown and, frankly, unfathomable point in the future.

The New York Post's Steve Cuozzo first got wind of the hotel portion of the plans in December, by way, oddly enough, of a Web site belonging to Aegis Security Design, which, Mr. Cuozzo reported, "claims the tower diagonally across from Carnegie Hall will house a '5-star' Park Hyatt Hotel, stores and luxury condos."

Oh, could it be? There are only four of the ultra-luxe Park Hyatts in the U.S. right now — D.C., Chicago, Beaver Creek and Philly — but it makes sense that if someone's got the cash to drop, an NYC outpost would be the next property up. Still, Park Hyatt's website has a listing of hotels on the way until 2013, and there's no sign of a Manhattan location — but, um, it would be nice to have an alternative to the ever-dirty Park Central over in that little pocket of Midtown, so we will continue to hold out hope.

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Chances of this happening...

This is an 800,000 square foot development, so it is going to cost at least a billion dollars. I am pretty sure it does not have a construction loan.  The developer is in trouble with some of his condo projects, not to mention the 3 or 4 other hotel sites he has in nyc.  Translation: this project isn't happening.

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