Pie in the Face

Bookmark THIS LINK if you want to keep track of what the New School is saying about construction of its new building.

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.

The soon-to-rise condo tower on University is selling fast, with both penthouses in contract at prices north of $10 million. Wow. Check it out here.

At the spot on University Place near 11th St. that was long home to Patsy’s Pizza and more recently to the ill-fated Lucky Louie’s, we now find a new branch of the delicious Maman Bakery. Many French-style treats to be had.

maman (mamannyc.com)

This weekend the site will be open on Saturday, July 28st for superstructure related activities and curtain wall installation between the work hours of 7AM and 5PM as permitted by the City. The crane on 13th st. will not be used during the weekend.

Next week (July 30 to August 3), Material and equipment deliveries and installation work will continue on all floors. Curtain wall installation on upper floors will continue and lower levels will continue on 13th st. with the aid of a small crane. The crane will remain on 13th st. for the purpose of curtain wall installation.

The following week (August 6 to August 10) Material and equipment deliveries and installation work will continue on all floors. Curtain wall installation will continue on all floors.