Hurdles, Question Marks for Walentas W'burg Hotel Bid

As first reported earlier this month by Curbed and then by the Brooklyn Eagle, Two Trees Management has its sights set on converting an old five-story warehouse at 80 Wythe Avenue in Williamsburg into a hotel. As a follow-up post on Curbed also noted, the developer’s first attempt to gain approval for increasing the building’s height from 50 feet to 111 feet was disapproved by DOB recently. Reached in his office by phone this week, Two Trees’ Jed Walentas pointed out the overlooked fact that the Dumbo-based developer is only in contract on the property and is unlikely to close anytime sooner than next January. Which raises the question, Is the deal contingent upon gaining approval for a substantial build-out or are they just getting their ducks in order on the seller’s dime? More importantly, how do you think a hotel would fare in this location? If it were well done (sexy but not too expensive a la The Standard), we think it could work. GMAP P*Shark DOB