The newly-built Park Terrace Hotel opened its doors last week in one of New York's most visited destinations, Bryant Park.
Known as The Bryant 16 West 40, the project was funded in part by U.S. Immigration Fund, through the EB-5 Program. The new Park Terrace Hotel is part of the first-ever residential condominium built on the illustrious Bryant Park. Designed by internationally renowned architect, David Chipperfield, the EB-5 project is Chipperfield's first ground-up residential tower in the United States. Bryant Park is located between Fifth and Sixth Avenues and between 40th and 42nd Streets and is conveniently situated 17 blocks south of Central Park. Located in the heart of midtown Manhattan and Bryant Park, the contemporary Park Terrace Hotel, is only two blocks from Grand Central and Park Avenue and only 1 block from Times Square.
With impeccable views of Bryant Park, the hotel has a total of 226 new guestrooms. The Park Terrace rooms are designed by Stonehill & Taylor and all the rooms are described as "bright, fresh and airy with a décor inspired by natural harmony." The hotel's stunning Terrazzo Lounge features views of the city's iconic skyline and landmarks -- Bryant Park, the American Radiator Building, The New York Public Library and the Empire State Building's ever-changing colorful lights.
The project embodies thoughtful and efficient design and unmatched centrality in the city, the landmark is slated to become "one of the most desired park front addresses in all of Manhattan," and units are estimated to sell out in the next six months.
"We are thrilled to have played a part in financing this project to add more vibrancy to the midtown neighborhood around Bryant Park," said Nicholas Mastroianni III, President of U.S Immigration Fund. "With a location convenient popular destinations in New York including Times Square, Broadway and Fifth Avenue - there is something for everyone, and The Bryant is beautifully central - whether visiting for business or exploring the city's entertainment."
The Bryant 16 West 40 soars 32 stories high, with 226 Park Terrace guest rooms, 2,500 square feet of retail space, 25,500 square feet of restaurant space and 57 luxury residential condominiums.