2006 Carnegie Hotel News Update

Ian Reisner and Mati Weiderpass, the team that created Watch World International, a specialty retailer of sport and fashion watches (Watch World was as much a real estate business as it was a retail business, going from one to 119 stores in 6 years with store location identification, leases and construction), have now made a big hit in real estate.

After selling "Watch World" in 2001 to "Sunglass Hut" they invested the proceeds into "The Carnegie Hotel" (right off Columbus Circle) with a Hotel to Condo concept in mind.  After word of the potential luxury “Parkview Tower” condo project spread within Manhattan real estate circles, an unsolicited offer to purchase the project came from a high profile developer.  After some negotiations, the boutique hotel sold for $1 million per hotel room ($800 per developable foot) – a city record. Their detailed "Parkview Tower" development plans will now be realized on an even larger scale by the acquirer.

Now, Ian and Mati are developing a half acre site in the heart of Hell’s Kitchen into a 109-unit condo complex called THE 505, unique for its outdoor spaces.  With many of the cities gentrification pioneers moving north and buying real estate in Hell's Kitchen, THE 505 should sell quickly.  See the505hk.com for more information.