Destination: LES – Bracing For a Hotel Building Boom

Editor’s note: This story originally appeared in the November issue of The Lo-Down’s print magazine.

Along upper Orchard Street one sparkling fall afternoon last month, young shoppers strolled in stilettos, popping in and out of the tiny, trendy boutiques that seem to multiply overnight lately. The perfume of fresh-cut flowers banked along a new corner bodega wafted down the block, overlaid with the pungent smell of roasted garlic from one of the pizza joints. Shopkeepers hawked leather goods on the sidewalk while workers hammered away inside Mi Casa Es Su Casa, yet another new restaurant opening soon. A woman with a suitcase asked directions to The Hotel on Rivington. A few blocks south, a group of tourists set out from the Tenement Museum for a walking tour of the way things used to be.

This eclectic mix — of the fashionable and the old-fashioned, the outgoing and the up-and-coming — forms a large part of the Lower East Side’s charm and draw. Combined with cheaper real estate prices than most of the rest of Manhattan and easy public transit access to  more tourist-centric parts of the city, the neighborhood’s character helps paint a portrait of a place that developers could envision new hotels succeeding.

Real Estate Expert Jonathan Miller on SPURA

SPURA surface parking lots line Suffolk Street from Broome to Delancey.

Over the last several months, as the Seward Park Urban Renewal Area planning process chugged forward, we’ve sat through countless community board meetings, interviewed dozens of local residents and decision-makers and published op-eds from various players invested in the proposed residential and retail project. As the guidelines face a vote this evening, we’d like to offer some observations from an expert, NYC real estate analyst Jonathan Miller.

Miller, the president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm, is widely respected across the industry for his comprehensive data collection and reporting and his market insights.