Durst Fetner Residential and Ian Schrager Announce Partnership for Hotel at 855 Sixth Avenue

NEW YORK, Nov. 14, 2011 /PRNewswire/ -- Durst Fetner Residential (DFR) and Ian Schrager today announced a partnership to develop and manage a 250+ key "PUBLIC New York" at 855 Sixth Avenue between 30th and 31st Streets in Manhattan.  Located at the southern edge of Herald Square, the next hot neighborhood in New York, the hotel will occupy 155,000 square feet and include a 10,000 square foot restaurant, an outdoor sky garden, a bar, a nightclub, banquet and meeting spaces, a 10,000 square foot gym, a swimming pool and other offerings.  The hotel will be managed by Ian Schrager who is also a partner in the hotel ownership joint venture with DFR.   The building will be consistent with DFR's commitment to sustainability.

The hotel will be housed on the first 16 floors of the building with approximately 315 rental residences with outstanding views and luxurious finishes on floors 20-56.  The 486,000 square foot building will have 60,000 square feet of retail on the first and second floors.  Ian Schrager and his in-house design team will be responsible for conceptualizing and designing the hotel.  The building is being designed by Cook + Fox Architects and ground is expected to be broken in the spring of 2012 and open approximately 30 months later.  The building will build upon the success of The Epic, a 58th story mixed-use residential rental building at 125 West 31st Street that DFR opened in 2008.  Hotel services will be available to apartment residents.

"855 Sixth Avenue will link the residential neighborhoods to the south with the commercial and retail district to the north to create New York's most exciting mixed-use hotel, retail and residential project," said Damon Pazzaglini, COO of DFR.  "We are thrilled to be partnering with Ian Schrager on this innovative and exciting project.  This is Ian's first 'from the ground up' hotel in New York and it will showcase his exquisite sense of style and the level of service that has become his hallmark.  Combined with Cook + Fox's innovative and arresting design, 855 Sixth Avenue will soon become a New York landmark.

"I am incredibly excited to be doing a project with Durst Fetner Residential," said Ian Schrager.  "I consider them to be one of the best and most respected developers in the country.  Everything they do is absolutely first rate and in the pursuit of excellence.  Working with them on this exciting project makes it all the more special for me."

Durst Fetner Residential is one of New York's most respected developers, owners and managers of residential rental buildings. DFR brings a combined 150 years of experience developing complex mixed- use and luxury rental and condo buildings. DFR is a leader in sustainable construction having built The Epic and The Helena, both LEED Gold Certified luxury rentals.  Currently, DFR is developing a 700-unit residential building on West 57th Street and has begun sales of the totally modernized pre-war masterpiece at 1212 Fifth Avenue. In addition, DFR is completing a 55-story and 250-unit residential tower at 5 East 102nd Street for Mt. Sinai Medical Center.  DFR is the owner/manager of 1,700 apartments in New York City.

Since the 70's, entrepreneur Ian Schrager, Chairman and Chief Executive Officer of Ian Schrager Company, has achieved international recognition for concepts that have revolutionized both the entertainment and hospitality industries.  After leaving Morgans Hotel Group in 2005, Schrager created Ian Schrager Company which owns, develops, manages and brands hotels, residential and mixed use projects.  Since then he has transformed the fabled Gramercy Park Hotel in New York City and realized two groundbreaking residential properties, 40 Bond and 50 Gramercy Park North. He is currently working on launching two new hotel brands in various 24-hour gateway cities around the world in various stages of development.

PUBLIC is the first of the two new brands.  It is a new class of hotel combining luxury service, innovative design, exciting food and beverage all at a tremendous value, and available to everyone and anyone who wants it.  This brand will be defined by the unique experience it creates rather than by a business classification or price point.  PUBLIC Chicago, the first hotel from the new brand opened in September 2011 to critical acclaim. 

Schrager also has a partnership with Marriott International to develop the luxury lifestyle brand EDITION.

SOURCE Durst Fetner Residential