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The Wall Street Journal reports that Ian Schrager and developer Durst Fetner Residential will partner up to turn the currently vacant lot at 855 Sixth Avenue (between 30th and 31st Street) into a Public Hotel and a rental apartment building. The hotel will be very close to other recently developed hotels such as the Ace Hotel (29th And Broadway), The Flatiron Hotel (26th And Broadway), the upcoming NoMad Hotel (Broadway and 28th), and the neighboring Eventi Hotel (30th and 6th).

The Public Hotel will take up the first 16 floors of the proposed 56 floor building, and the luxury apartment rentals will make up the upper floors.

The idea behind the Public brand is sophisticated stylish hotels at an affordable price (apparently $300/night according to Business Week).

This will be the first Public branded hotel in New York. There is currently one in Chicago.

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