Furnished Quarters to Operate 132-Room Extended Stay Hotel at 70 Pine Street In Manhattan
Posted On April 15, 2014
Rose Associates and DTH Capital, the owners of 70 Pine Street in Lower Manhattan, have selected Furnished Quarters to operate a hotel within the historic building. Furnished Quarters will manage 132 extended stay hotel apartments on four floors of the 66-story, landmarked property that is being transformed into a full-service residential rental building. The projected opening date for the hotel will be fall 2014. The units are full-sized apartments complete with kitchens, and will average 800 square feet—nearly three times the size of a standard New York hotel room.
“We are pleased to be working with Furnished Quarters, an experienced operator of extended stay properties. Their thoughtful approach to the hotel portion of 70 Pine blends nicely with our overall vision for the building,” said Adam R. Rose, co-president of Rose Associates and developer of 70 Pine Street. “Furnished Quarters has long provided hospitality services to the financial, legal and media industries and 70 Pine’s future guests are certain to mirror the professionals within that demographic. Rose Associates has a long history with Furnished Quarters, and we look forward to continuing this relationship at 70 Pine.”
Furnished Quarters has been providing strategically located furnished apartments, with an emphasis on contemporary design, to business and leisure travelers for more than 15 years. The company, which was founded in New York and is the largest provider of temporary furnished apartments in Manhattan, has locations throughout New York, New Jersey, Massachusetts and Connecticut.
“We plan to introduce a fresh hospitality concept under an entirely new brand at 70 Pine Street,” said Steve Brown, co-founder of Furnished Quarters. “This is a significant step in our evolution, and we’re excited to now offer our corporate clients and guests apartment-size lodging in New York City for stays that are less than 30 days.”
Rose is currently transforming 70 Pine Street into a mixed-use building with 644 rental apartments in studio, one-, two- and three-bedroom configurations. The Art Deco skyscraper was built in 1932 to act as the headquarters of the Cities Services Company (Citgo). American International Group (AIG) purchased the tower in 1976 and occupied the building until 2009. Rose is currently marketing 35,000 square feet of retail space at 70 Pine, which will be accessed via the surrounding streets and the lobby. The landmarked lobby, which will likely feature a restaurant and café, will be re-opened to consumer foot traffic for the first time in decades.
Along with private residences, the commercial spaces will feature restaurants and other retail, and its top four stories are being transformed into a one-of-kind space that will serve as a lounge with incredible, 360-degree views. La Palestra, an operator of upscale fitness and wellness centers, will utilize 23,000 square feet of space off the building’s lobby. Furnished Quarters’ guests will have access to La Palestra and the many other amenities of 70 Pine.
Benjamin Noriega-Ortiz, the designer behind the Mondrian Hotels in New York’s SoHo district, Los Angeles, and the upcoming Mondrian Baha Mar in the Bahamas, will collaborate with Furnished Quarters’ in-house design team on the creation of the extended stay hotel rooms.
DTH is a leading real estate development and investment management firm with a successful track record repositioning landmark office buildings into luxury multi-family properties. DTH currently manages a $1.5 billion portfolio of apartment properties concentrated in New York City. The firm’s growth strategy is focused on applying its valuable experience, gained from completing complicated change of use conversions, to other asset classes and expanding its geographic market area. DTH is owned by Ageas Insurance, a publically traded, Belgium based insurance company and the Eastbridge Group, a European private investment company.
About Furnished Quarters
Furnished Quarters is an independently owned and operated provider of stylishly designed and fully equipped temporary furnished apartment rentals, both nationally and globally, and the largest provider of temporary furnished housing in New York City and Boston. Furnished Quarters also provides a diverse portfolio of temporary furnished apartments in New Jersey, White Plains, and Connecticut. Established in 1998, Furnished Quarters is a founding member of GO Furnished Housing Providers, a consortium of best-in-class temporary housing companies offering one-call access to apartments worldwide. For more information visit www.furnishedquarters.com.
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.