Whatever you want to call them — NoMad, Gramercy, or Flatiron — the neighborhoods surrounding Madison Square Park are some of the hottest in the city right now. And despite the fact that the city’s hotel market appears to be headed for a monumental glut, Manhattan’s most prolific hotelier will soon plop another of his signature budget hotels on the parcel at 111 East 24th Street.
Sam Chang’s plan, per a filing with the Department of Buildings, is to erect a 13-story, 120-key hotel on the 60-foot-wide lot. The rooms, 10 per floor, will be spread over more than 38,000 square feet of zoning area, for an average room size just shy of 240 square feet.
The architect is – who else? – Gene Kaufman, and the building is planned to rise 140 feet.
Chang won’t own the land beneath the hotel, but rather will lease it. The Commercial Observer reported last November that the hotel builder landed a 99-year triple-net lease for the property, now home to a parking lot, paying $900,000 a year for the dirt.
Mid-block between Park Avenue South and Lexington, the site is surrounded on three sides by buildings edging right up to the lot lines, making the parcel less desirable to luxury condo builders, who might otherwise have outbid Chang for the East 24th Street site (though the longterm lease arrangement may also have turned them off).
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