All Year Management Fills Need For Crown Heights Hospitality With 100-Key Hotel Plans
All Year acquired the 19k SF development site, two blocks east of Prospect Park, in 2014 for $7.2M. It is nestled between Eastern Parkway and Union Street, The Real Deal reports.
When completed, the five-story hotel—designed by ODA New York’s Eran Chan—will include a banquet hall, a top floor bar and public terrace, with retail and restaurant spaces on the first and third floors.
While All Year is mainly a multifamily investor, it has been ramping up its hotel production in the last few months, also filing plans for a 112-key hotel at 71 White St in Bushwick. With few hotel offerings in the surrounding area, Yoel and All Year are filling a vacuum for Crown Heights hospitality.
That’s not to say All Year is completely abandoning its main focus, however, as the Williamsburg-based property owner also announced plans for Bushwick II, a massive rental complex at the former Rheingold Brewery site. Also designed by ODA, the 1M SF project is expected to include 900 apartments. [TRD]