Recession Aggression! Hotel Planned for Ninth and 42nd

Ever the congenital optimists, developers are apparently taking the recent lukewarm economic indicators as the sign to get going on new developments.

One is planning to build a 38-story hotel at the corner of Ninth Avenue and 42nd Street, according to city records.

On June 3, Bernard Friedman, a partner in a development company called 400 Times Square Associates LLC, filed plans to build a 170,048-square-foot tower at 577 Ninth Avenue.

Mr. Friedman, of Penmark Realty Corp....

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