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Hotelier and Bond Street penthouse owner Ian Schrager has picked up a new Manhattan development site, with a second purchase soon to follow. The deal is part of Schrager's plan for trendy but less pricey hotels in metropolitan areas. There are already 16 hotels set to open in the city in 2012, but Schrager tells Crain's he's not worried about competition. "It's not unlike Steve Jobs. When he came up with his hardware, the market was already full of products, but he did something special." And Schrager's already been through the professional differences phase. [Crain's]