W Hotels Worldwide

Oh, so that downtown W Hotel: well now it's officially official. A news release comes in declaring that the 123 Washington Street, Moinian-developed condo-hotel will be 57 stories and include 217 guest rooms and 222 residential units.

And those 222 residential units will be marketed by Michael Shvo, as The Observer reported last week. The entire release, including quotes from Mr. Moinian, Mr. Shvo and a W official, after the jump.  read more »

- John Koblin

The developer who is building the new downtown W Hotel is spreading his empire to Fifth Avenue.  read more »

• $689 million Manhattan Mall deal closes.
[GlobeSt]
• Bronx mall sells for $165 million.
[GlobeSt]
• Anthropologists find more bones at Ground Zero.
[NY Times]
• Mayor announces Coney Island development.
[NY Times]
• Mayor hesitates on property tax cuts.
[NY Post]
• A new W Hotel for Downtown?
[NY Post]
• Bogus West Side Craigslist ad won't disappear.
[Daily News]
• Mortgage rates rise this week.
[Journal]

Did we miss any New York City real estate news this morning? Please send along tips and links.

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That whole thing about the Mandarin Oriental sale, fact or fiction? Yeah, never mind.

The deal is in contract and is expected to close in February. A 73 percent share of the Time Warner Center hotel has been sold to Istithmar. According to the release from Mandarin Oriental International Limited, the luxury hotel is worth $340 million.

That puts the average room price at $1.37 million, which exceeds the $1.05 million per room that the W Hotel Union Square sold for in October (but less than the $1.4 million to $2 million range that was floating about last week). The Dubai-based Istithmar bought the W, too.

Mandarin Oriental will retain 25 percent of the Mandarin Oriental Hotel, down from 50 percent. And Apollo Real Estate and the Related Companies, which together once owned 50 percent as well, will now hold a (very) minority share. Mandarin will continue to manage the hotel under a long-term contract.

- John Koblin

On the crowded streets of Park City, Utah, it’s difficult to leave the screening of a small movie  read more »

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The New York City subway system isn’t for sissies, as a Jan. 3 incident proved.  read more »

An eagle-eyed Politicker correspondent saw Wesley Clark in Union Square around 7 p.m. yesterday evening, walking solo and talking into a Blackberry cellphone. He was crossing the intersection of 17th St. and Park Ave. and bound for the W Hotel. Anyone know who he was meeting with?  read more »

Wednesday 25th "We want to put the audience in a good romantic mood so they all go home and ge  read more »