The New York City Capital Resource Corp voted yesterday to approve $15 million in tax-exempt bond funding to jump-start a 73-room hotel project by Two Trees Management at the corner of North 11th Street and Wythe Avenue in Williamsburg; as part of the conversion, the Dumbo-based developer will tack on a 10,000-square-foot addition to the 41,100-square-foot former textile factory that it purchased last year for $6 million. As part of the condition of the deal, Two Trees must close on the financing by the end of the year and begin construction immediately. Crain’s cites an opening date of mid-2012 for the hotel which seems a tad ambitious to us. Tucked into the last line of the Crain’s article was this interesting tidbit: Marlow & Sons will be providing the food for the hotel. Nice choice.
Billyburg Hotel Gets Green Light from City [Crain's]
Jed Walentas Gets His W’burg Welfare for Swanky Hotel [NYO]
W’burg Hotel Financing Up for Review, Debate [Brownstoner]
Two Trees Closes on W’burg Hotel Property [Brownstoner]