The 132-suite extended stay hotel at the iconic 70 Pine Street building in the heart of the Financial District will be operated by Furnished Quarters, a top provider of furnished apartments. The announcement was made by Rose Associates and its partner DTH Capital, the owners of the vintage Art Deco skyscraper that is currently under redevelopment to become a full-service luxury rental building.
“We plan to introduce a fresh hospitality concept under an entirely new brand at 70 Pine Street,” said Steve Brown, co-founder of Furnished Quarters. “This is a significant step in our evolution, and we’re excited to now offer our corporate clients and guests apartment-size lodging in New York City for stays that are less than 30 days.”
Scheduled for a grand opening in fall 2014, the hotel will occupy floors three to six in the 66-story building. Benjamin Noriega-Ortiz, who has also designed the Mondrian Hotels in New York’s SoHo district, Los Angeles, and the upcoming Mondrian Baha Mar in the Bahamas, will work with Furnished Quarters’ in-house design team to create the extended stay hotel rooms.
Originally built as the headquarters building of the Cities Service Company and later known as the American International Building, the structure at 70 Pine Street was constructed during the famous New York skyscraper race. When completed in 1932 it was the third tallest building in the world after the Empire State Building and the Chrysler Building. According to information from The Skyscraper Center, the 952-foot building currently ranks as the fifth tallest building in the city. In June 2011 the building was designated a New York City landmark.
After changing owners over the years, the asset was sold to Rose Properties in June 2011, only one week after it was designated a New York City landmark. As previously reported by Bloomberg, the $205 million transaction was brokered by Jones Lang LaSalle (now JLL). Shortly after taking over the building, Rose Properties announced plans to invest $550 million to redevelop the skyscraper into one of the city’s most desirable luxury apartment buildings. In addition to the 132-unit extended stay hotel, the tower will include 664 rental apartments. Rose is currently marketing 35,000 square feet of retail space and the landmarked lobby—to be re-opened to pedestrian traffic for the first time in decades—which could feature a restaurant and café. La Palestra, an operator of upscale fitness and wellness centers, will occupy 23,000 square feet of space off the building’s lobby.
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Image via Rose Properties