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February 5, 2008
Nu, Nu Thing at the Smith: Boymelgreen Passes Baton
The long-delayed opening of the new boutique hotel inside Boymelgreen Development’s condo at Smith and Atlantic is going to be put off just a little bit longer. According to a report in last week’s Sun, Pennsylvania-based Hersha Hospitality Trust purchased a "condominium interest" in the 93-room hotel for $17.24 million and is going to spend another $6 million rehabbing finishing the property; Hersha expects to open the hotel in the third quarter and will change its name from “The Smith” to “The Nu.” (When we last inquired about the property, both the hotel and condo portions were supposedly going to open in January—can any contract holders tell us what’s going on with closings?) Hersha’s many hotels in New York City include three Manhattan Hampton Inns.
City's Hospitality Industry Inspires Cautious Optimism [NY Sun]
New Developer To Finish Hotel [Brooklyn Eagle]
Update on the Smith: Retail, Move-Ins Coming [Brownstoner] GMAP
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Comments
Dear developer: Please do us all a favor and drop "The Nu." Please. You'd have to labor long and hard to find a stupider name.
Posted by: Rehab at February 5, 2008 10:58 AM
rehabbing a new property? boymelgreen does indeed suck.
Posted by: guest at February 5, 2008 11:02 AM
Call it The Smat (contraction of Smith and Atlantic). I think that's even worse then the Nu.
Posted by: guest at February 5, 2008 11:07 AM
That name is ridiculous.
Posted by: guest at February 5, 2008 11:07 AM
Small people with no role in the industry lashing out. Kind of pathetic. I'd like to see what you have done in real estate development. Where's your work?
Posted by: guest at February 5, 2008 11:10 AM
A better choice of word than rehabbing would be finishing. The cited article even uses "to finish."
Several floors in the building have had closings, with the remaining closings happening within the next two months I believe.
Posted by: guest at February 5, 2008 11:14 AM
"Rehabbing" is totally the wrong word to use in this connotation. From the cited article:
"Hersha will spend about $6 million, or $64,500 a key, to finish the hotel.". This is almost certainly a reference to the Furniture, Fixtures and Equipment (FF&E) budget, things like carpet, wall coverings, furniture, table lamps, kitchen equipment (if there is indeed a restaurant - anyone know?) etc., etc.. Much as I have previously expressed reservations about the efficiency of execution of this project, it's wrong to infer that these expenditures, which are never part of the hotel developer's scope, represent correction of defective work.
Posted by: johnife at February 5, 2008 11:16 AM
Nu?
Posted by: guest at February 5, 2008 11:19 AM
11:10 if these are small people to you, just how LOW did you go to hear their voice and respond? The very fact that you took the time probably makes you twice as pathetic.
Posted by: guest at February 5, 2008 11:21 AM
1) I'm not sure if they could have concieved a more moronic name. Seriously!
2) Does this mean that the suckers, I mean, people who purchased these "luxo" condos pre-construction can get out of their contracts? I hope that is the case, for their sake.
3) I saw this thing go up and to quote Lloyd Bentsen, "its no Jack Kennedy." In other words, it was slapped together and I expect this PoS to have some real issues (mold, leaks, etc.) down the road. Does "finishing" address these issues?
Posted by: guest at February 5, 2008 11:24 AM
johnife, there are going to be light eats in the small lobby, but nothing remotely like a restaurant. And you characterization of the work being done by the hotel operator is correct. When I spoke with the operator, he encouraged me to look at the Duane Street Hotel--www.hershahotels.com/hotels/detail.asp?d=1&h=44--if I wanted a sense of what the new Nu will be like.
Posted by: guest at February 5, 2008 11:27 AM
Nu? They want to call it the Nu? Oy, what kind of a luftmentsh would dream up a name like that for a luxury hotel?
Posted by: slopefarm at February 5, 2008 11:29 AM
"Does this mean that the suckers, I mean, people who purchased these "luxo" condos pre-construction can get out of their contracts?"
I seem to remember reading here or elsewhere that buyers would be able to opt-out of their contracts only if their units weren't finished by the end of February. Bearing in mind that some people may have put down their deposits as much as two years ago (possibly even more - I think the foundations were under way over three years ago) I'm not sure whether, even given the recent downturn in prices, it would make financial sense early buyers to throw in the towel at this point. The bigger question might be whether their lenders are still interested.
Posted by: johnife at February 5, 2008 11:32 AM
One does not have to be a marketing genius to smell the stink of "Nu."
But since we all play a marketing geniuses (genii?) online, I think we can surely come up with a better name. Something that plays off the fabulous views of the HOD?
Posted by: guest at February 5, 2008 11:40 AM
Ad in this past sundays NYTimes for condo at The Smith said immediate occupancy - so sounds like C/O in place and they are ready to close. Maybe not all floors but at least some.
All along it was said (I think) that hotel portion would be run (maybe sold) to someone else. Makes sense. Finally this corner completing.
Now lets get moving on the lots on south side of Atlantic!
Posted by: guest at February 5, 2008 11:41 AM
Why not call it The Crapton Inn?
Posted by: guest at February 5, 2008 12:30 PM
Buyer here. While I hated the delays, I am happy with the the building inside and out. And quite a few condos have closed. No interest here in getting out of the contract. Good news about the hotel, though it is old news. Came out a long time ago that Hersha would be heading up the hotel portion.
Hate the name "The Nu" though. That is agreed.
Posted by: guest at February 5, 2008 1:16 PM
how bout The Gnu? Now that I could get behind.
Posted by: Rehab at February 5, 2008 2:30 PM
I'm call it The Meh.
Posted by: guest at February 5, 2008 3:25 PM
What about The Clink, Hoosgow or Pokey
Posted by: guest at February 5, 2008 4:03 PM
How about the Pu?
Posted by: guest at February 5, 2008 4:40 PM
Pu wins hands down. Thanks for brightening my day.
And FYI - when I looked at these two years ago they told me that the bottom floors would be sold to a hotel who would finish it and operate separately from the residential units. Love the sarcasm, but it appears this thing has gone on as planned - if slowly. Congrats to the new owner whose wait is over and is finally happy. Have a heart you scoundrels!
Posted by: guest at March 13, 2008 5:33 PM
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