Thursday, October 9, 2014

New Hotel Coming to 4th Avenue?

Rumor from the locals has it that the properties on the corner of 52nd street and 4th Avenue have been acquired by a Chinese developer and are slated to be torn down to build a hotel. Sunset Park already has the highest concentration of hotels in the borough. The PASUBA (Parkslope, Sunset Park, Bay Ridge) corridor along 4th Avenue has easy access to the R and N lines and easy access to Manhattan so it makes sense as the subway station is right there. With mainland Chinese money being invested in the area hotels make economic sens as well since there is no need to rezone the properties to get one built. All the hotels in the neighborhood charge a fraction of what a hotel room in Manhattan costs and with easy access to the city are more profitable than residential rentals. Time will tell if the rumor turns out to be true, but based on past experience they are usually right. The stores on this corner have been emptying for the last couple of months and it appears the new owners are not interested in renting them out. A clue that the buildings are on the way to be demolished since there are no for rent signs up. 

Shop Amazon Through Us and Help Support This Blog