Latest New School Construction Update

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Just what the neighborhood didn’t need: another place to spend $6 on coffee. Joe and the Juice will open a new location at the corner of University and 13th St., the site formerly occupied by the defunct Nutella Cafe.

Laura Maniec, one of only eighteen female master sommeliers in the world and, at 31, currently the youngest, is about to open her own studio and wine bar. Maniec, who served as wine director at BR Guest for ten years and has just launched the wine program at Niko, has signed a lease on a space at 13 East 13th Street in Union Square and plans to unveil Corkbuzz in May. “It will be an extension of your living room and a place for all things wine,” she tells us. In addition to serving vintages from all over the world, Corkbuzz will offer small plates from oysters and sea urchin to pastas and cheese. The 2,500-square-foot space will also host classes, tastings, and events.

Osso Buco on University is closed for renovations. Rumor has it that it will return in a more “contemporary” form. We’ll see.

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

Regale Deli, on 5th Ave. north of 14th St., has closed. It was always a little dark and spooky, but it was popular, and now there is one less convenient deli in the neighborhood. If University Deli on the corner of 13th closes, we’re doomed.