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Schrager Setting Up Shop in Plaza's Backyard

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Though rumors over the past couple of years had him eying various locations around the High Line, the eternally dapper Ian Schrager is instead opting for a more traditional location for his next hotel project: Midtown. The Post's Lois Weiss reports that a deal is in place for Schrager to convert 1414 Sixth Avenue?an 18-story office building on the southeast corner of 58th Street built in 1923?into a "six-star" Ian Schrager Hotel. The building was purchased by its current owners in 2007 for $120 million, and will be mostly empty of tenants by 2010, which is when work might start. The much-maligned Kobe Club recently closed up shop in the building's ground-floor restaurant space. While not a "cool" location, the move is a safe bet for the Baron of 40 Bond. The building was once a hotel (KISS held parties on its roof deck, Weiss notes), and even in a crummy market, a new luxury inn with great Central Park views and the most marquee of names should be a slam dunk, no?
· Schrager Plans Midtown Hotel [NYPost/Between the Bricks]