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Water Street Building to Be Razed for Long-Awaited Hotel

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Plans for a hotel at 6 Water Street have been in the works since prolific developer Sam Chang purchased the property back in 2008, and it looks like they are finally moving forward—but Chang is no longer involved. No progress on a hotel was made until last year when Chang's company finally filed plans for a 29-story, Gene Kaufman-designed hotel. Construction permits were approved in February, but then in March, Chang decided to give up the project and sold the site to the Magna Hospitality Group for $44 million. Now it seems that the new owner is finally ready to get to work; full demolition permits for the existing five-story building, located at the corner of Moore Street directly across from One New York Plaza, were issued this Monday.

Does a new owner mean we can expect a better design? Probably not. The Real Deal notes that Chang has handed off projects to Magna in the past, and the end product has been the usual, kind of ugly, very boring chain hotel (for example, the Sheraton on Canal Street and a Holiday Inn Express in Midtown). No renderings have been released yet for 6 Water Street, but a massing diagram shows a standard rectangle. It will be 298 feet tall and hold 249 guest rooms. Any and all photos of the building coming down are more than welcome on the tipline.
· 6 Water Street coverage [Curbed]
· 6 Water Street [DOB]
· Sam Chang sells Water Street building for $44M [TRD]