NYC -- new hotel AND city library

from today's Newsday and GlobeSt

Newsday:
newsday.com/news/local/newyork/ny-nylib085451462nov08,0,738253.story

New York Public Library moving branch to new hotel
THE ASSOCIATED PRESS

... "The New York Public Library is selling its branch in midtown Manhattan, across the street from the Museum of Modern Art, to Orient-Express Hotels Ltd. and plans to share space in a new building with the luxury hotel.

Under the agreement, the five-story Donnell Library on West 53rd Street will be razed and replaced with an 11-story building, the hotelier and the library announced yesterday. Construction is set to begin in 2009 and be completed in 2011.

The library will receive $59 million in cash and will own and occupy the first floor and two floors below ground of the new building. The library and the 150-room hotel will have separate entrances.

This will not be the first mixed-use arrangement for a New York Public Library facility. A branch in SoHo is housed in a residential building and another in Morningside Heights shares space with a Columbia University dorm.

Five floors of the hotel, where rooms will go for $750 to $2,000 a night, will connect to the celebrated 21 Club on 52nd Street, a former speakeasy housed in a four-story town house." ....

for the complete story see:
newsday.com/news/local/newyork/ny-nylib085451462nov08,0,738253.story
_________________
from GlobeSt.

$220M Hotel Project Revamps Library
By Natalie Dolce

"NEW YORK CITY-Orient-Express Hotels Ltd. has signed an agreement to acquire the land and building of the Donnell branch of the New York Public Library, located at 24 W. 53rd St. here. Under the terms of the transaction, Orient-Express will pay the library $59 million in cash, in addition to the value of the library space, which the library will own and occupy. Orient-Express plans to build a 150-room luxury hotel, including a rebuilt "state-of-the-art" Donnell Library location within it.
The overall project is estimated at $220 million inclusive of the purchase of the library. Construction, which is subject to Orient-Express obtaining all necessary permits, is scheduled to start in 2009. The hotel is expected to open in early 2011.

The hotel will house dining, spa and wellness facilities, as well as expanded banqueting and dining space for the company's existing restaurant and dining business, '21' Club. '21' Club backs onto the library premises in its location at 21 W. 52nd St. and the two buildings will be connected. The property will be marketed under a new '21' Hotel brand name. The original '21' Club will be preserved at its current location, with enhanced facilities." ...
David Offensend, COO of the New York Public Library, notes that the agreement presents an "extraordinary opportunity for us to create a modern, new circulating library at the same location as our current Donnell facility, which was opened in 1955, and is outdated. The cost of renovating Donnell is prohibitive. With this agreement, we'll be able to embark on the creation of a technologically advanced Donnell Library for our users, one that can set the standard for the 21st century." ...

"The New York Public Library will retain approximately 28,000 sf in the building for the new Donnell Library, which will occupy three levels, including the ground floor of the '21' Hotel building. The Orient-Express project will provide upgrades to the library's outdated infrastructure, including overhauls to its HVAC system and elevators.

The library will close to the public in fall 2008, and the rebuilding is expected to be completed in no more than three and one half years. During construction, the library will seek a temporary site to provide Donnell's essential services to the public and develop a detailed plan to make its collections available at other New York Public Library locations.

Orient-Express noted that over the past several years, the conversion of many New York City hotels into condominiums has taken much high-end lodging supply out of the market. Smith Travel Research data shows 23 hotels have closed in New York since 2000, with many of the hotels converted to luxury condominiums during the housing boom. The hotel room reduction coincides with demand surging from overseas travelers capitalizing on a weak US dollar. This has resulted in higher rates and corresponding profits for the New York hotel industry. Recent industry studies show that New York City could absorb a further 10,000 room supply without affecting overall occupancy and pricing."

for the complete story see:
http://www.globest.com/news/1031_1031/newyork/165808-1.html