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Rooms With A View-Downtown Hotel Boom Serves Growing Tourism

The resurgence in residents and businesses has Lower Manhattan teeming with upcoming hotel developments. Some of the conversions underway from office buildings were previously under consideration for residences. Other sites simply make sense for smaller, boutique hotels. Anther reason, says Mark Gordon of Sonnenblick Goldman is simply that it costs less to buy either land or a building than in Midtown. “There is a lot of supply in pre-development in Lower Manhattan,” Gordon said,” A percentage of that will get built. It is under hosteled.”
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