Older office buildings are often finding new lives as hotels, the Wall Street Journal reported.
For instance, a dingy office building at 1170 Broadway, at 28th Street, will re-open next week as the NoMad Hotel, a 168-room lodge developed by Sydell Group, Ron Burkle and Square Mile Capital. The $100 million conversion includes a restaurant by Daniel Humm and Will Guidara of 11 Madison Park fame.
Many such conversions are taking place — at least a dozen, the Journal said — in the Midtown South and Lower Manhattan areas, driven by rising hotel demand in New York City. Older office building make the perfect redevelopment site, as they offer commercial zoning, affordability and central locations, the Journal said. [WSJ]