Wednesday, October 17, 2007

Brownstoner: Brooklyn Hotel Boom and Doom

Brownstoner reports on the hotel boom in Brooklyn, and suggests that it has peaked. Here's a paragraph about the architect of 2 of the 3 known hotels going up on the same block as the Duffield Abolitionist homes:
The credit crunch is going to cause “a bit of a shake out” for some hotel developers, said Gene Kaufman. The architect (who designed the two hotels slated for Duffield Street) thinks that projects "that don’t make sense won’t get built” as borrowers find it harder to finance their developments. And Chang said he’d personally experienced the effects of the crunch because lenders are now looking for 30 to 35 percent equity from borrowers, whereas two months ago they only expected 10 percent.
For more, including 13+ reader-comments, click here.

For an older Curbed link on the third hotel slated for the block, click here. And here's a rendering of the project at 337 Duffield: