Hotel Boom Signals NoMad Bonanza
Almost six years after Ace Hotel opened its designer doors, the NoMad neighborhood has emerged as a hotelier hotbed, with new projects and ambitious renovations in the works, the Commercial Observer reports. The area, which extends from 23rd to 34th Streets between Lexington Avenue and Broadway, is also poised for a flurry of retail and residential development.
Not long ago, NoMad (North of Madison Square Park, but you knew that), seemed terminally downtrodden. Then Ace (pictured) took over a grimy single-room-occupancy hotel on 29th and Broadway, ushering in the arrival of other high-end hotels, including the Gansevoort Park Avenue, the Flatiron Hotel and the NoMad Hotel. Now at least three more big hotels are on their way, drawing comparison to the Meatpacking district of old. NoMad turf has risen to $650 PSF or more, the Observer reported, but that’s downright inviting compared to rates to the north and south.