Schrager Setting Up Shop in Plaza's Backyard - NBC New York

Schrager Setting Up Shop in Plaza's Backyard

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    Schrager Setting Up Shop in Plaza's Backyard

    Though rumors over the past couple of years had him eying various locations around the High Line, the eternally dapper Ian Schrager is instead opting for a more traditional location for his next hotel project: Midtown.

    The Post's Lois Weissreports that a deal is in place for Schrager to convert 1414 Sixth Avenue—an 18-story office building on the southeast corner of 58th Street built in 1923—into a "six-star" Ian Schrager Hotel. The building was purchased by its current owners in 2007 for $120 million, and will be mostly empty of tenants by 2010, which is when work might start.

    The much-maligned Kobe Club recently closed up shop in the building's ground-floor restaurant space. While not a "cool" location, the move is a safe bet for the Baron of 40 Bond. The building was once a hotel (KISS held parties on its roof deck, Weiss notes), and even in a crummy market, a new luxury inn with great Central Park views and the most marquee of names should be a slam dunk, no?
     

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