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AKA Wall Street

February 20, 2014 - Crowdfunding

Author : Adriana Caicedo

The hotel AKA Wall Street marks a milestone as the first commercial real estate project in the United States funded through crowdfunding.

AKA Wall Street is a 120-million dollar project fully funded and currently under construction. Its doors will open in the second quarter of 2015.

It is located on the corner of William and Maiden Lane, a prime location in the heart of the financial district of Manhattan, just three blocks from the new World Trade Center. Its strategic location takes advantage of the resurgence of the new World Trade Center, Fulton Station, and more than 300 thousand daily passengers.

This luxury hotel will feature 142 studios, one and two bedroom apartments. The units will have living room and fully furnished kitchen. Contemporary art will be the main focus of this unique project, which promises to be a favorite of the over 52 million people who come to New York each year.

Hotels in Manhattan have occupancy levels and rate per night not seen in any other capital in the world, with average occupancy of 87% on luxury hotels and 92% on extended-stay hotels; an average of $450 dollar rate per night in luxury hotels, a 4.8 % annual increase in hotel rates since 1989 with over 52 million tourists who visited New York leaving $51,3 billion economic impact of tourism (2012 data).

Most importantly, AKA Wall Street hotel will have all the benefits of the development of the area. The new World Trade Center in the Downtown Financial District holds 60,000 residents, 310,000 workers, 8,400 operating companies, and more than 1,100 shops.

It is estimated that 100,000 jobs will be created in the area in the next 2 years; 370 companies will move downtown; 350,000 square feet of retail space will be built in the new World Trade Center; and more than 80,000 new people will work there.

At AKA Wall Street hotel, spaces, services, and amenities will be designed to meet the needs of senior executives taking into account even the smallest detail. This historic building at 84 William Street, of “pre-war”-type classical architecture, one of the most desired architectural formats in Manhattan, will have 19 floors with a fabulous terrace.

The existing building will be exquisitely converted into 14 luxury residential units, studios, one and two bedrooms, and exclusive fully furnished and equipped penthouses. It will also feature four commercial units on the street level, bar and lounge on the terrace perfect for events in spring and summer time from where a magnificent view of the financial district will be enjoyed; award-winning restaurant fusing cuisine and contemporary art; club-lounge with meeting spaces, latest technology and 24-hour service fitness center and business center.

BBC Travel and INC magazine ranked AKA hotels as the best extended-stay hotels in 2013.

 

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