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Peter Poon to Design 31-Story Hotel at 120 Water Street, Financial District - New York YIMBY
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menu-item-has-children"><a href="#">Northwestern</a><ul class="sub-menu"><li id="menu-item-20352" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20352"><a href="/neighborhoods/boerum-hill">Boerum Hill</a></li><li id="menu-item-20357" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20357"><a href="/neighborhoods/brooklyn-heights">Brooklyn Heights</a></li><li id="menu-item-20360" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20360"><a href="/neighborhoods/carroll-gardens">Carroll Gardens</a></li><li id="menu-item-20363" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20363"><a href="/neighborhoods/clinton-hill">Clinton Hill</a></li><li id="menu-item-20364" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20364"><a href="/neighborhoods/cobble-hill">Cobble Hill</a></li><li id="menu-item-20370" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20370"><a href="/neighborhoods/dobro-outsidemanhattan">Downtown Brooklyn</a></li><li id="menu-item-20372" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20372"><a href="/neighborhoods/dumbo">DUMBO</a></li><li id="menu-item-20387" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20387"><a href="/neighborhoods/fort-greene">Fort Greene</a></li><li id="menu-item-20390" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20390"><a href="/neighborhoods/gowanus">Gowanus</a></li><li id="menu-item-20394" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20394"><a href="/neighborhoods/greenwood-heights">Greenwood Heights</a></li><li id="menu-item-20429" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20429"><a href="/neighborhoods/park-slope">Park Slope</a></li><li id="menu-item-20432" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20432"><a href="/neighborhoods/prospect-heights">Prospect Heights</a></li><li id="menu-item-20433" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20433"><a href="/neighborhoods/red-hook">Red Hook</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">North & Northeastern</a><ul class="sub-menu"><li id="menu-item-20461" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20461"><a href="/neighborhoods/bedford-stuyvesant-outsidemanhattan">Bedford Stuyvesant</a></li><li id="menu-item-20359" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20359"><a href="/neighborhoods/bushwick">Bushwick</a></li><li id="menu-item-20392" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20392"><a href="/neighborhoods/greenpoint">Greenpoint</a></li><li id="menu-item-20461" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20461"><a href="/neighborhoods/williamsburg">Williamsburg</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Central</a><ul class="sub-menu"><li id="menu-item-20369" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20369"><a href="/neighborhoods/crown-heights">Crown Heights</a></li><li id="menu-item-20375" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20375"><a href="/neighborhoods/east-flatbush">East Flatbush</a></li><li id="menu-item-20382" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20382"><a href="/neighborhoods/flatbush">Flatbush</a></li><li id="menu-item-20403" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20403"><a href="/neighborhoods/kensington">Kensington</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Southwestern</a><ul class="sub-menu"><li id="menu-item-20348" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20348"><a href="/neighborhoods/bay-ridge">Bay Ridge</a></li><li id="menu-item-20351" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20351"><a href="/neighborhoods/bensonhurst">Bensonhurst</a></li><li id="menu-item-20353" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20353"><a href="/neighborhoods/borough-park">Borough Park</a></li><li id="menu-item-20373" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20373"><a href="/neighborhoods/dyker-heights">Dyker Heights</a></li><li id="menu-item-20451" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20451"><a href="/neighborhoods/sunset-park">Sunset Park</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">South & Southeastern</a><ul class="sub-menu"><li id="menu-item-20354" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20354"><a href="/neighborhoods/brighton=beach">Brighton Beach</a></li><li id="menu-item-20367" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20367"><a href="/neighborhoods/coney-island">Coney Island</a></li><li id="menu-item-20398" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20398"><a href="/neighborhoods/homecrest">Homecrest</a></li><li id="menu-item-20408" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20408"><a href="/neighborhoods/manhattan-beach">Manhattan Beach</a></li><li id="menu-item-20414" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20414"><a href="/neighborhoods/midwood">Midwood</a></li><li id="menu-item-20438" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20438"><a href="/neighborhoods/sheepshead-bay">Sheepshead Bay</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Eastern</a><ul class="sub-menu"><li id="menu-item-20358" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20358"><a href="/neighborhoods/brownsville">Brownsville</a></li><li id="menu-item-20376" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20376"><a href="/neighborhoods/east-new-york">East New York</a></li></ul></li></ul></li><li id="menu-item-20205" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-20205"><a href="/neighborhoods/bronx">Bronx</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">NorthWest</a><ul class="sub-menu"><li id="menu-item-20349" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20349"><a href="/neighborhoods/bedford-park">Bedford Park</a></li><li id="menu-item-20350" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20350"><a href="/neighborhoods/belmont">Belmont</a></li><li id="menu-item-20385" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20385"><a href="/neighborhoods/fordham">Fordham</a></li><li id="menu-item-20405" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20405"><a href="/neighborhoods/kingsbridge">Kingsbridge</a></li><li id="menu-item-20416" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20416"><a href="/neighborhoods/norwood">Norwood</a></li><li id="menu-item-20436" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20436"><a href="/neighborhoods/riverdale">Riverdale</a></li><li id="menu-item-20462" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20462"><a href="/neighborhoods/woodlawn">Woodlawn</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">SouthWest</a><ul class="sub-menu"><li id="menu-item-20366" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20366"><a href="/neighborhoods/concourse">Concourse</a></li><li id="menu-item-20368" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20368"><a href="/neighborhoods/crotona-park-east">Crotona Park East</a></li><li id="menu-item-20397" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20397"><a href="/neighborhoods/highbridge">Highbridge</a></li><li id="menu-item-20415" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20415"><a href="/neighborhoods/morrisania">Morrisania</a></li><li id="menu-item-20416" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20416"><a href="/neighborhoods/mott-haven">Mott Haven</a></li><li id="menu-item-20416" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20416"><a href="/neighborhoods/mount-eden">Mount Eden</a></li><li id="menu-item-20441" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20441"><a href="/neighborhoods/south-bronx">South Bronx</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">NorthEast</a><ul class="sub-menu"><li id="menu-item-20374" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20374"><a href="/neighborhoods/east-bronx">East Bronx</a></li><li id="menu-item-20441" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20441"><a href="/neighborhoods/van-nest">Van Nest</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">SouthEast</a><ul class="sub-menu"><li id="menu-item-20362" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20362"><a href="/neighborhoods/clason-point">Clason Point</a></li><li id="menu-item-20430" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20430"><a href="/neighborhoods/parkchester">Parkchester</a></li><li id="menu-item-20431" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20431"><a href="/neighborhoods/pelham-bay">Pelham Bay</a></li><li id="menu-item-20440" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20440"><a href="/neighborhoods/soundview">Soundview</a></li><li id="menu-item-20441" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20441"><a href="/neighborhoods/south-bronx">South Bronx</a></li></ul></li></ul></li><li id="menu-item-20425" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-20425"><a href="#">Manhattan</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Uptown</a><ul class="sub-menu"><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/uptown">Uptown</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/harlem">Harlem</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/uppereastside">Upper East Side</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/upperwestside">Upper West Side</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/washington-heights">Washington Heights</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Midtown</a><ul class="sub-menu"><li id="menu-item-20346" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20346"><a href="/neighborhoods/57thstreet">57th Street</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/midtowneast">Midtown East</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/midtownsouth">Midtown South</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/midtownwest">Midtown West</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/murrayhill">Murray Hill</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/timessquare">Times Square</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Midtown-Downtown</a><ul class="sub-menu"><li id="menu-item-20361" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20361"><a href="/neighborhoods/chelsea">Chelsea</a></li><li id="menu-item-20383" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20383"><a href="/neighborhoods/flatiron">Flatiron</a></li><li id="menu-item-20391" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20391"><a href="/neighborhoods/gramercy">Gramercy</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Downtown</a><ul class="sub-menu"><li id="menu-item-20371" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20371"><a href="/neighborhoods/downtown">Downtown</a></li><li id="menu-item-20377" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20377"><a href="/neighborhoods/east-village">East Village</a></li><li id="menu-item-20381" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20381"><a href="/neighborhoods/fidi-downtown">Financial District</a></li><li id="menu-item-20393" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20393"><a href="/neighborhoods/greenwichvillage">Greenwich Village</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/hudson-square">Hudson Square</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/lowereastside">Lower East Side</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/meatpacking-downtown">Meatpacking</a></li><li id="menu-item-20439" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20439"><a href="/neighborhoods/soho">SoHo</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/tribeca">TriBeCa</a></li><li id="menu-item-20452" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-20452"><a href="/neighborhoods/west-village">West Village</a></li></ul></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children "><a href="#">Queens</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Northwestern</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/astoria">Astoria</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/north-corona">North Corona</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/elmhurst">Elmhurst</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/forest-hills">Forest Hills</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/glendale">Glendale</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/jackson-heights">Jackson Heights</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/long-island-city">Long Island City</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/rego-park">Rego Park</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/ridgewood">Ridgewood</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Northeastern</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/college-point">College Point</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/flushing">Flushing</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/murray-hill">Murray Hill</a></li><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/fresh-meadows">Fresh Meadows</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Southwestern</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom "><a href="/neighborhoods/richmond-hill">Richmond Hill</a></li></ul></li><li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children"><a href="#">Southeastern</a><ul class="sub-menu"><li class="menu-item menu-item-type-custom menu-item-object-custom "><a 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31-Story Hotel at 120 Water Street, Financial District</h1></header><div class="entry-thumbnail"> <img width="640" height="430" src="https://newyorkyimby.com/wp-content/uploads/2014/12/120water.jpg" class="u-photo wp-post-image" alt="120 Water Street, image from Massey Knakal" decoding="async" fetchpriority="high" srcset="https://newyorkyimby.com/wp-content/uploads/2014/12/120water.jpg 640w, https://newyorkyimby.com/wp-content/uploads/2014/12/120water-300x201.jpg 300w, https://newyorkyimby.com/wp-content/uploads/2014/12/120water-160x107.jpg 160w, https://newyorkyimby.com/wp-content/uploads/2014/12/120water-260x174.jpg 260w, https://newyorkyimby.com/wp-content/uploads/2014/12/120water-360x241.jpg 360w" sizes="(max-width: 640px) 100vw, 640px" /><span class="wp-caption-text">120 Water Street, image from <a href="http://www.masseyknakal.com/listingimages/setup/pdf/120-122_Water_Street_-_Setup.pdf">Massey Knakal</a></span></div><p class="entry-meta"> <span class="entry-meta-author vcard author">By: <a rel="author" class="fn p-author h-card"" href="https://newyorkyimby.com/author/stephen">Stephen Smith</a></span> 11:15 am<span class="entry-meta-date updated dt-published"></span> <span class="entry-meta-date updated dt-published"> on December 22, 2014</span></p><div class="entry-content e-content clearfix"><p>Two old brownstones on oddly-shaped lots in lower Manhattan are set to give way to a 31-story limited service hotel, according to a new building permit application submitted this morning for 120 Water Street.</p><p>The filing, by Peter Poon on behalf of developer Lihui Lo with an LLC by the name of NY Times Square Hotel Group, calls for a 150-key hotel to be erected on the site of two narrow walkup buildings. The plans call for five or six hotel rooms on the first through 29th floors, with mechanical equipment filling out the last two floors and rooftop spaces.</p><p>The Peter Poon creation would rise next door to the Gene Kaufman-designed Holiday Inn Express, at 126 Water Street, between Wall and Pine. The whole city – from the South Bronx to Sunset Park – is in the midst of a budget hotel boom, but lower Manhattan is especially hot, with tourists pouring in to see the World Trade Center and other sites. Unlike the Garment District, this part of lower Manhattan is zoned for both residential and commercial uses (though the former at lower densities than the latter), meaning that the developer chose willingly to build a hotel rather than apartments.</p><p>While the <a href="http://www.masseyknakal.com/listingimages/setup/pdf/120-122_Water_Street_-_Setup.pdf">asking price</a> for the parcels was nearly $20 million, they eventually sold earlier this year for just $15 million. At almost $315 per buildable square foot, the transaction still netted the sellers – who bought the buildings in 2006 for just $3.9 million – a fairly hefty chunk of change.</p><p>While no demolition permits have been filed for the existing structures, a number of follow-up applications – for foundation, mechanical, and plumbing work – were submitted along with the new building permit, suggesting that construction may not be far off.</p><p style="color: #2f2f2f;"><a style="color: #168dd9;" href="http://www.yimbyforums.com/">Talk about this topic on the YIMBY Forums</a></p><p style="color: #2f2f2f;">For any questions, comments or feedback, email <a style="color: #168dd9;" href="/cdn-cgi/l/email-protection#1f717a6866706d746676727d665f78727e7673317c7072" target="_blank"><span class="__cf_email__" data-cfemail="80eee5f7f9eff2ebf9e9ede2f9c0e7ede1e9ecaee3efed">[email protected]</span></a></p><p> <a href="http://eepurl.com/c7JhDj"><strong>Subscribe</strong></a> to YIMBY’s daily e-mail<br /> 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