I have been focusing on finding development sites for boutique hotels in the trendy areas of New York City. We have expanded our search for development sites for condos or hotels any where in Manhattan. I think the debt market is starting to open up for quality projects and the cost of land is going to go up dramatically by 2011. If you know of an interesting site minimum 60,000 square feet buildable please contact me. The customers I am working with are willing to joint venture with other people.
Buying the debt on distressed properties and forclosing is the way some deals are being done today which is a tough process. We are willing to entertain this process if we think the site is exciting enough.
Ruth C. Furst
Opening boutique hotels in New York City has become the hottest new field in the industry the past seven years. There has been a slow down in new development due to the recession the past few years but things are starting to heat up again.
There are no bad areas in New York City anymore. Hotels are opening on the Far West Side, the Lower East Side, Harlem etc.etc.etc.
I represent a number of major hotel companies that are looking to open in Manhattan so I have become an expert in finding and developing sites for boutique hotels.
It is exciting to walk the streets of NYC and see all the new "cool" hotels that are opening.