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…
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
“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.
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?
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.
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?
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.
Nu?
“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.
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.
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?