Read McSam's Lips: No New Hotels in Brooklyn
The McSam Hotel Group has made a tidy putting up low-end hotels in up-and-coming Brooklyn neighborhoods in recent years but that’s all coming to an end. (Of course, the company’s made even more money flipping properties in Manhattan.) “We were very bullish on Brooklyn — past tense,” COO Gary Wisinki told The Real Deal. “Our…
The McSam Hotel Group has made a tidy putting up low-end hotels in up-and-coming Brooklyn neighborhoods in recent years but that’s all coming to an end. (Of course, the company’s made even more money flipping properties in Manhattan.) “We were very bullish on Brooklyn — past tense,” COO Gary Wisinki told The Real Deal. “Our hotels have done well, but we are very concerned with the amount of product planned for the borough.” (This isn’t exactly breaking news—Chang said something similar over a year ago at a Chamber of Commerce event.) One neighborhood in particular has been the target of McSam’s affections in recent years: Sunset Park. Starting with the Days Inn at 435 39th Street (photo), the developer has a total of six hotels either finished or in progress in the area. Gowanus is also giving Sunset Park a run for its money: There are currently three recently completed hotels in the rapidly-transforming nabe and another six in the works. Much of this boom can be attributed to zoning that prohibited condos and rental buildings while allowing hotels. “If you had a dilapidated warehouse that wasn’t good for anything else,” said broker Ofer Cohen, “you could sell it as a hotel development site.”
Sun Sets on Hotel boom in Brooklyn Nabe [TRD] GMAP
Brooklyn Hotel Buzz: Boom and Doom [Brownstoner]
Photo by Kate Leonova for Property Shark
McSam is the man.
He makes The Donald look like a beginner.
bkn4life is correct. NYC and Brooklyn are actually quite underserved when it comes to hotels, particularly affordable hotels. Moreover, not every first-time visitor to NYC has money to burn. Places like these are good for local residents with family in town, young people who want to visit the city but can’t afford close-in Manhattan hotels, and small businesspeople who can’t afford to blow the company budget on fancy digs in town for meetings.
Rob, considering your financial status (which you’ve shared frequently on this blog), I’m a bit surprised you can’t understand how these sorts of places might appeal to some folks.
There’s a hotel on Utica Avenue, around Empire Boulevard, I’ve always marveled at – a Holiday Inn maybe but I don’t quite remember. I wonder if it’s by the same folks.
these hotels have plenty of legitimate business.
brooklyn is still incredibly underserved.
there are more hotels at an interstate crossing in the middle of cornfields in many places than brooklyn had until recently.
people get married, birthdays, funerals… all of these drive traffic. if you use some online tools and wait them out prices get pretty reasonable.
And if you want romance, try a longer getaway!
http://www.caesarspoconoresorts.com/suites/theromantowers.aspx
Who doesn’t want to sit in a champagne glass full of bubbles.
my dad had some meetings in downtown brooklyn and ended up staying at the comfort inn by the canal. The hotel the meetings were at had filled up.
oh wow that is pretty good for 49 dollars for three hours actually! as long as it’s clean, that is a great deal.
*rob*
Ok, for all you hourly folks, here’s the link again.
http://gridskipper.com/60359/hourly-hotels-in-new-york
Geez, does a southern girl have to know all the in spots to hang?
At $49 for 3 hours…it’s cheaper than parking in Manhattan!