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Rendering of 292 Fifth Avenue via Ondel/CityRealty Rendering of 292 Fifth Avenue via Ondel/CityRealty
Just as NoMad’s luxury housing boom has spread to Koreatown, the local hospitality scene is hot on its heels: A mixed-use hotel tower planned for 292 Fifth Avenue, just south of the bustling enclave, has gotten off the ground. Hospitality developer Sam Chang closed on the site for $42.4 million in March 2017 and has plans for a 150-room hotel. A rendering by Gene Kaufman, designer of record, shows a setback on the upper floors serving as a line of demarcation between the hotel rooms and 16 apartments on top.
(CityRealty)
Mr. Chang referred to a “four-and-a-half-star hotel” in Commercial Observer, and a rendering on the site says “Le Meridien” at the base, referring to a hospitality chain “born in the era of glamorous travel.” Following the departure of Midtown’s Parker Hotel from the chain, this will be the only Le Meridien location in New York. According to plans filed with the city, amenities at the new hotel will include a bike room, meeting center, and outdoor terrace. Residents will have access to a bike room, mail room, and seventeenth-floor lounge with outdoor terrace.
The tower is going up in an area increasingly rich in residential and hospitality development: One block away, a Kohn Pedersen Fox-designed condominium is planned for 316 Fifth Avenue. Other neighbors on the rise include The NOMA, supertall 266 Fifth Avenue, and the Rafael Vinoly-designed 277 Fifth Avenue. On the hospitality front, the Ritz-Carlton New York NoMad, Virgin Hotel, and a multitude of other properties will offer stiff competition.
292-Fifth-Avenue Zoning diagram via NYC Department of Buildings
292-Fifth-Avenue Construction at 292 Fifth Avenue via Ondel/CityRealty
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Content Specialist Michelle Mazzarella Michelle is a contributing writer and editor for real estate news in New York City
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