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New Developments in the News

NOVEMBER 7, 2011

Unseasonal storm wreaks havoc on park trees; City’s hotel market heats up

Unlike some of our suburban neighbors, the city’s power stayed on, but we lost some valuable assets. Trees throughout the city suffered damage when wet leaves caused branches to come crashing down. Tree damage was especially bad in Central Park: Ten trees that form a semicircle around the plaza on the northwest corner of Fifth Avenue and 59th Street were virtually decapitated, for example. Tree damage in the park covered 400 acres, basically the park’s entire southern half, below 86th Street. 1,000 trees could be lost due to the storm.

Sales have started at One57, a 90-story hotel and condominium currently under construction at 157 West 57th Street in Midtown West. The 1,000 foot tower—it will be the city’s tallest residential building—will be completed in two years, and a Park Hyatt hotel will occupy the first 30 floors. The new hotel will not be alone: 50 hotels are set to open in the city through 2013, with 68 more to follow in 2014, putting the city’s hotel construction rate far ahead of other U.S. cities like Washington, D.C. Mixed-use residential buildings that offer luxury hotel accommodations—like the Time Warner Center at 80 Columbus Circle—are currently some of the city’s hottest addresses.

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