During the 2009 economic downturn, Parkview negotiated a favorable land lease for a new hotel concept on West 42nd Street between Ninth and Tenth Avenues in Manhattan's high-traffic Times Square Theater District.  

Inspired by a chain of Spanish hotels that found success catering to the LGBT community, Parkview set out to build a three story, 75,000 square foot hotel with 105 rooms on the site.  26,000 square feet were allocated for food & beverage operations, including a 11,000 square foot nightclub and event space.  The remaining 15,000 square feet were split amongst a first floor cafe, restaurant, art gallery, reception area and conference rooms.

After $35 million of construction work in 2010 and 2011, THE OUT NYC opened March 1, 2012 to much acclaim.  In its first year, the nightclub bar and lounge operations generated over $8.5 million in revenue and was one of the most successful clubs worldwide.  With high occupancy, the 105 rooms generated an additional $11.5 million in revenue that year.  The complex employed around 100 hotel and restaurant workers who serviced over 400,000 unique visitors per year.

In 2016, Parkview sold THE OUT NYC to Merchants Hospitality, who now operate the property under the CACHET Boutique Hotel brand.