Latest New School Construction Update

Muji, the terribly chic store for minimalist (and affordable) Japanese household accessories, stationery, and casual clothing, has arrived in the neighborhood on 19th St. just west of 5th. You’ll love it.

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 sale of two units at Brack Capital Real Estate’s condominium conversion at 15 Union Square West may be set to shatter records for the sale of a single-family home on the square, the Corcoran Group’s Timothy Rothman told The Real Deal yesterday, since the new owner plans to combine them into one duplex spread. Rothman, a vice president at Corcoran on the Spiegelman team, represented a mystery foreign buyer in the deal for penthouse 11 and unit 10B at the building, which closed together yesterday for between $16 million and $17 million, he said, though he declined to give a specific price. The units were not on the market as a combination; their individual asking prices were $10.7 million and $6.5 million respectively. Rothman would not reveal the identity of the buyer due to a confidentiality agreement.

The main thing to do to prep for Hurricane Irene is to remove anything from outside your apartment–on roof spaces or fire escapes–that could blow away in heavy and sustained winds. Please do this ASAP.

Next week (February 25 to March 1), material and equipment deliveries and installation work will continue on all floors inside the building as well as roof work. Additionally we will begin work on the new sidewalks around the building. We have begun dismantling the construction hoist on the building exterior and will continue to do so for the upcoming weeks.

The following week (March 4 to March 8), material and equipment deliveries and installation work will continue on all floors and roofs as well as sidewalk work.

This weekend the site will be open on Saturday, February 23rd for interior, superstructure, sidewalk, and hoist removal related activities between the work hours of 7AM and 5PM as permitted by the City.

On University Place a few blocks down. And it appears to be very popular. Good desserts.