Brooklyn to Get Hotel and Condos in One Community
Recently, Toll Brothers City Living and Starwood Capital Group announced that they have been selected to develop a luxury and eco-friendly hotel called 1 Hotel, and condominium community at the Brooklyn Bridge Park.
By Jessica Fiur, News Editor
New York—For several years, Brooklyn, New York, has been a very popular area of the city, and its popularity shows no signs of waning. Recently, Toll Brothers City Living, the urban development division of Toll Brothers Inc., and Starwood Capital Group, a private investment firm, on behalf of Starwood Fund IX, announced that they have been selected to develop a luxury and eco-friendly hotel called 1 Hotel, and condominium community at the Brooklyn Bridge Park.
This new community will feature 159 residential units, which are designed to give residents a townhouse-feel, and 200 hotel units over two buildings. It will include 16,000 square feet of indoor and outdoor restaurant space and over 2,000 square feet of retail space. Community amenities will include a spa, fitness center, children’s playroom, bike storage and underground parking. It is also designed with green elements, and is projected to achieve LEED Silver Certification.
This development will be located near Pier 1 south of the DUMBO and Brooklyn Bridge area. Residents will have access to Manhattan through the East River Ferry, as well as with the subway.
“We are extremely pleased to be partnering with Toll Brothers to build one of the most exciting new developments in New York City in many years,” Barry Sternlicht, chairman and CEO of Starwood Capital Group, says in a press statement. “With its incredible views of the Manhattan skyline and the iconic Brooklyn Bridge, extraordinary amenities, attractive and affordable location and close proximity to transportation hubs, Brooklyn Bridge Park is the perfect location to showcase the 1 Hotel and adjoining residences. This development will be perfectly positioned to take advantage of the significant renaissance occurring along the Brooklyn waterfront. We expect our restaurants, bars and large social catering space to be incredible destinations for both the community and Manhattan residents. We look forward to building an important showcase hotel and waterfront residence like no other project in the five New York City boroughs.”
Starwood Capital and Toll Brothers expect to break ground on the development in the summer 2013. The hotel and condo units are expected to be open in the fall of 2015.