Nyack may get $24M luxury hotel by year's end
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Construction on a $24 million boutique luxury hotel in Nyack -- with a steak house, penthouses, private party space and conference rooms -- could begin as early as April, with an opening by the end of 2013.
The 132-room, NYLO hotel would rise from the corrugated blue steel of an old factory that sits on the north side of the State Thruway at Exit 11, said developer Michael Yanko during a Thursday morning presentation before the Rockland County Industrial Development Agency, which voted to approve tax breaks and incentives to help the project.
"We thought it would be a great fit for the village ... The idea of NYLO is basically New York lofts built in a very cheap way," said Yanko, a 12-year Nyack resident who added that the hotel would boost the village economy.
The Nyack project, which is currently going through the village architectural review and planning board approvals process, is seeking a variance to add two floors to the current two-story building.
Floor plans and renderings unveiled at the meeting show NYLO as a four-story building featuring a 100-seat steak house with an additional 50 seats outdoors, a multifunction space for private events that can accommodate 180 people and two business meeting rooms. The hotel intends to run shuttle buses to bring guests to village restaurants, hair salons and shops.
The building's location near the Tappan Zee Bridge is a plus, Yanko said. A study by his company showed that 240,000 cars drive by the site each day.
"We are hoping to get a lot of business from the Tappan Zee Bridge project," he said, referring to the state's plans to start building a $3.1 billion replacement span soon.
Although the future hotel at 400 High St., is set back from the Thruway, noise mitigation includes placing guest rooms upstairs and at the back of the building. Lavish landscaping and the construction of retainer walls and waterfalls also will help, Yanko said. The rooms initially would be priced around $153 per night and rise to $200 per night, he added.
Yanko, who is developing the project with his business, and life partner Kerry Wellington plan to remain hotel owners. Their company's past projects include two midtown Manhattan hotels: converting an abandoned, single-room-occupancy hotel into The Pod Hotel on East 51st Street, featuring 370 rooms that are 80 to 100 square foot in size; and Ink48 Hotel, which was a former Hell's Kitchen printing house.
Although the two have not retained interests in the New York City projects, they will remain owners of the Nyack venture and have hired NYLO to manage it for them. NYLO is a Texas chain with three hotels in its home state, along with one in Rhode Island and one going up in Manhattan.
At the end of Industrial Development Agency's regular monthly meeting, the board also voted to approve tax breaks for Cerovene Inc. The 5-year-old pharmaceutical research and development company has outgrown its 10,000-square-foot Valley Cottage factory and is searching for a 40,000-square-foot new home within the county, said Ray DiFalco, Cerovene's vice president.
The company is developing abuse-proof medical narcotics that activate on a timed release. With an expansion, the current staff of about 14 employees is expected to double in the first year, with more added as manufacturing gears up, DiFalco said.