10 Best Boutique Hotels in NYC

10. The Bowery Hotel

This Manhattan hotel offers free Wi-Fi, a lobby bar and outdoor lounge, and rooms that have a flat-screen TV with cable channels. The Bleeker Street underground station is 5 minutes’ walk away.

Plush bedding along with an iPod docking station and a mini bar are offered in every room at New York City’s Bowery Hotel. Guests can enjoy city views from the oversized windows.

Gemma Restaurant serves breakfast, lunch, and dinner. It features Italian cuisine as well as an Italian wine list.

Enjoy a workout in the fitness centre or use the fax and photocopying services at your convenience. A daily newspaper, complimentary bicycles, and a complimentary film library are also provided.

Times Square is 20 minutes’ underground journey from The Bowery Hotel. Washington Square and New York University are 10 minutes’ walk away. Rooms start at $485 a night.

9. Lowell Hotel

Located in Manhattan's Upper East Side, this upscale hotel is one block from Central Park. The 5-star hotel features 2 fine dining restaurants. Every room offers a flat-screen TV.

Hotel Lowell features spacious rooms furnished with marble bathrooms and a DVD/VCR player. A nightly turndown service and free New York Times newspaper are also provided.

Manhattan Hotel Lowell has a fully-equipped gym with modern equipment. Guests can arrange restaurant, entertainment and transportation reservations at the concierge desk.

On-site dining is possible at The Pembroke Room or The Post House, a gourmet steak and chop house. Room service is also available 24-hours at the Hotel Lowell in Manhattan.

Hotel Lowell is 5 blocks from Midtown with boutique shops and international restaurants all within walking distance. Carnegie Hall is a 15-minute walk away. Rooms start at $720 a night.

8. Andaz 5th Avenue

The Andaz experience begins the moment you arrive through the bronze-colored doors of our Manhattan hotel on 41st Street and are greeted by an Andaz Host. Have a drink in the lounge while checking in via iPad, or simply en-route to your luxury Manhattan hotel room. Arrival is at your pace, your style.

Andaz 5th Avenue offers uncomplicated and attentive service by real people who are passionate about New York City and their role at one of the most unique hotels in Manhattan.

Renowned designer Tony Chi has created loft-like rooms with oversized bathrooms in travertine marble, with walk-in rain shower, double sinks, and porcelain foot baths. 12' foot floor-to-ceiling windows with views of 5th Avenue and the New York Public Library are standard in all rooms, which starting at 322sq ft are among the largest in NYC. Many of the 47 spacious suites offer private balconies or landscaped terraces. Non-alcoholic mini-bar beverages and snacks, wireless Internet, local phone calls, and access to the gym at our Midtown New York hotel are complimentary, and entertainment is provided by the Geneva Sound System with iPod docking and a 42” HDTV. Rooms start at $355 a night.

7. Casablanca Hotel

This boutique Manhattan hotel is located in the Theater District and steps from Times Square. The hotel offers a daily complimentary continental breakfast, free Wi-Fi and 24-hour access to refreshments.12

The accommodations at Casablanca Hotel include a flat-screen cable TV, DVD player and iPod docking station. A bathrobe and slippers are supplied in the en suite bathroom.

Live piano music can be enjoyed on Friday nights at the Casablanca Hotel – New York City and a social reception with cheese and wine is offered nightly in the Club Room. The continental breakfast includes items like pastries, yogurt and fruit.

Guests can also enjoy Italian cuisine at the on-site Tony’s di Napoli Restaurant.

Bryant Park and Rockefeller Center are within 7 minutes’ walk of the hotel. Rooms start at $342 a night.

6. Hotel Giraffe

Located in the NoMad neighborhood, this boutique New York City hotel is within 10 minutes’ walk of Union Square Park and Chelsea. There is a rooftop garden and free Wi-Fi.

Decorated with photography from the 1920’s and 1930’s, each room at Hotel Giraffe includes amenities like an iPod docking station and flat-screen cable TV.

Every night, guests of Hotel Giraffe – New York City can enjoy a wine and cheese reception in the Club Room. Passes to the off-site New York Sports Club are available.

The complimentary continental breakfast served each morning includes fruit, yogurt, pastries and more. The on-site Bread & Tulips Restaurant serves Italian cuisine.

Madison Square Park and access to the 28th Street underground rail station is within 2 minutes’ walk of the hotel. Rooms start at $370 a night. 

5. Bryant Park Hotel

Centrally located in Manhattan, this boutique hotel is directly across the street from Bryant Park and New York Public Library. The luxury hotel features a 24-hour gym, Free Wi-Fi, and modern rooms.

The stylish rooms at Hotel Bryant Park are decorated with hardwood floors, handmade Tibetan rugs, and leather furniture. Each features a 32-inch LCD TV and Bose CD player. The marble bathrooms include bathrobes and spa toiletries.

Bryant Park Hotel features a modern lobby with red furniture and black marble. A helpful concierge desk is available and the gym offers personal trainers. An evening reception with complimentary drinks is available. Free parking is offered Friday and Saturday.

On-site dining includes the award-winning Koi Restaurant which serves Japanese cuisine. The Cellar Bar offers signature cocktails, music entertainment, and a one-hour open bar for hotel guests Monday through Friday.

The 42nd Street Subway Station is one block from Bryant Park Hotel. Times Square and the Empire State Building are a 10-minute walk away and Fifth Avenue is a half-block away. Rooms start at $325 a night.

4. Library Hotel

Located within 2 minutes’ walk of Bryant Park and Grand Central Terminal, this boutique Midtown hotel offers free Wi-Fi, a library and an evening reception with wine and cheese.

Decorated with the theme of a traditional American library, the rooms at Library Hotel include amenities like a flat-screen cable TV and an iPod docking station. A bathrobe and slippers are also provided.

A complimentary continental breakfast with pastries, cereal, and yogurt is served daily in the Reading Room. Fresh fruit, coffee, and tea are available throughout the day. Guests of Library Hotel have access to an off-site fitness centre.

The on-site restaurant, Madison & Vine, serves daily lunch, dinner, and weekend brunch. The rooftop bar and Poetry Garden offer literary inspired cocktails and city views.

Times Square and the Empire State Building are within 15 minutes’ walk of the hotel. The New York Public Library is 2 minutes' walk away. Rooms start at $419 a night.

3. Crosby Street Hotel

Located on a cobbled street in the SoHo neighborhood, this contemporary design hotel features a beautiful inner courtyard and an on-site terrace restaurant. Free Wi-Fi is available throughout the hotel.

The Crosby Street Hotel offers bright, modern rooms with high ceilings and full-length windows. Each is equipped with flat-screen cable TV, DVD player and iPod docking station.

Guests of Crosby Street are welcome to work out in the 24-hour gym or relax in front of the fireplace in the plush drawing room. Films are shown in the hotel’s private theater each Sunday.

The Crosby Bar and Terrace serves gourmet items including breakfast and brunch. An afternoon tea with pastries and sandwiches is offered daily.

The Crosby Street Hotel is adjacent to the Museum of Modern Art Design and 1 block from the Spring Street subway station. Rooms start at $675 a night.

2. The Mark

Located in Manhattan just 1 block from Central Park, this boutique hotel features The Mark Restaurant. With an artistic design, Mark Hotel includes a state-of-the-art gym and spacious guest rooms.

Free Wi-Fi, an iPod docking station and 32-inch flat-screen TV are included in all modern rooms. The large marble bathrooms boast a large soaking tub and mini flat-screen TV. Each room is decorated in ebony and sycamore furnishings.

The Mark Restaurant by Jean Georges serves European and globally seasoned dishes. Signature cocktails and classic drinks are featured at Mark’s Bar.

The Mark features a concierge desk for guests’ convenience various activities can be arranged. Frederic Fekkai Salon is on site and offers hair and beauty treatments.

The Whitney Museum of American Art is 3.5 blocks from this luxury hotel. The 77th Street – Lexington Subway Station is 2 blocks away. Times Square is 15 minutes away by subway. Rooms start at $625 a night.

1. The Greenwich Hotel

This New York City hotel is located in the city’s elite Tribeca neighborhood. It features an underground pool and fitness center, as well as an on-site restaurant and spa.

All 88 rooms at the Greenwich Hotel are individually decorated with luxurious goods from around the world. The rooms include free Wi-Fi access and a minibar stocked with free snacks.

The Greenwich Hotel has a knowledgeable concierge staff to help guests plan their stay in New York. Other features include the on-site Shibui Spa, offering a variety of massages and treatments.

Locanda Verde is the hotel’s on-site restaurant. It serves drinks and Italian cuisine in a relaxing and casual setting.

The Tribeca Performing Arts Center and Washington Market Park are both about 3 blocks from the Greenwich hotel. LaGuardia Airport is 10 miles away. Rooms start at $575 a night.

Investing In New York City REITs

New York City’s real estate market includes some of the most high-profile properties in the world. It is also one of the most expensive in which to invest (and why so many residents are renters). If you can’t afford to invest directly in New York City’s real estate market there are several publicly traded real estate investment trusts (REITs) that can give you exposure.

REITs are essentially real estate companies that invest directly in real estate through properties or mortgages. The Internal Revenue Service requires REITs to pay the majority of taxable profits in dividends to shareholders. Companies with REIT status do not pay corporate income tax.

You can buy and sell shares of REITs. Like stocks they trade on an exchange. There are three publicly-traded REITs that focus mainly on New York City real estate.

SL Green

SL Green Realty Corp. (SLG) maintains that it's New York City’s largest office landlord. It primarily focuses on acquiring, developing and managing commercial properties in Manhattan. Its portfolio holds ownership interests in 96 buildings in Manhattan. SL Green also holds ownership interests in 35 buildings in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.

One of its trophy properties includes 220 East 42nd Street, which is known as The News Building. Its lobby houses the iconic rotating globe featured in the 1950s Superman television series.

Financial services firm Citigroup Inc. (C), meanwhile, is one of SL Green’s high profile tenants. Its Global Wealth Management and Global Trading divisions are headquartered in a two building campus located at 388-90 Greenwich Street in Tribeca.

Shares of SL Green trade on the NYSE. Its stock price has ranged between $89.05 - $113.08 in the last year.

Empire State Realty Trust

The aptly named Empire State Realty Trust Inc. (ESRT) boasts the Empire State Building among properties in its portfolio. Altogether its portfolio includes 14 office properties and six retail properties in Manhattan and the greater New York City metropolitan area.

Nine of the office properties, including the Empire State Building, are in Midtown Manhattan. The remainder are in Westchester County, New York and Fairfield County, Connecticut. The six retail properties are located in Manhattan and Westport, Conn.

The locations of Empire State Realty Trust’s Manhattan office and retail properties include Union Square, Grand Central, Columbus Circle and several properties along Broadway.

Empire State Realty Trust’s shares also trade on the NYSE. Its stock price has ranged between $13.20 - 17.34 in the last year.

New York REIT

American Realty Capital's New York REIT Inc. (NYRT) became the latest entrant in the New York City REIT universe when it debuted on the NYSE in April of this year. It acquires income-producing commercial real estate and owns stakes in 22 properties, which are predominantly office and retail.

Properties in its portfolio include Worldwide Plaza in Midtown and the Twitter Building, located in Manhattan’s Silicon Alley.

Stay tuned as the future of this REIT unfolds. In October 2014, American Realty Capital announced that it had hired Barclays Capital and RCS Capital as financial advisors to evaluate strategic options to boost shareholder value. Empire State Realty Trust has expressed an interest in acquiring New York REIT, according to reports.

"It should come as no surprise that management and the board of directors are disappointed and believe that the market is undervaluing our shares," Michael Happel, President of the New York REIT, said in the announcement. "In light of the inquiries we have received involving potential strategic opportunities, our board felt strongly that we should engage financial advisors to provide fully-informed, objective advice to assist management in assessing all of our options," he added.

Shares have ranged between $9.51 - $12.32 since the REIT started trading.

Risks and Rewards

Because the three REITs detailed above are publicly traded they are highly liquid investments. Remember, you can buy and sell their shares like stocks. They also provide diversification, potential capital appreciation and an affordable way to for investors to gain exposure to New York City’s commercial real estate market.

Another benefit to investing in REITs is that they generate dividend income for investors. They are required to distribute at least 90% of taxable income each year to shareholders through dividends.

Like any investment there are risks involved in investing in REITs. Returns are not guaranteed.

REITs are also unique as rising interest rates can affect their returns. To make acquisitions REITs rely on debt or borrowed money. When interest rates rise, the cost of borrowing does as well, cutting into profits.

The Bottom Line

New York City has three publicly traded REITs focusing on its commercial real estate market. They offer liquidity, diversification and an affordable way for investors to gain exposure to one of the most dynamic real estate markets in the world. They also pay shareholders dividends and offer potential capital appreciation for moderate to long-term investors.

Roof Decks and Other Trends for 2014 Office Space

MANHATTAN — The Financial District will unseat the Flatiron to become the city's startup hotbed in 2014 — and don't be surprised if more commercial real estate projects include rooftop decks and show up in Brooklyn's hip neighborhoods, experts predict.

New York City's commercial office market is all about where the new jobs are, making the tech world and creative industries the anticipated trendsetters for the coming year, according to commercial real estate experts.

Computer programming services and management- and technical-consulting firms have seen the largest recent growth in the city. There were roughly 244 custom computer programming firms added to the real estate landscape between June 2012 and 2013, representing a 5.6-percent increase.

The number of management- and technical-consulting firms and advertising and public-relations shops swelled by nearly 7 percent, according to Heidi Learner, chief economist at Studley, citing Bureau of Labor statistics.

This trend is likely to continue and others are predicted to emerge in 2014, according to DNAinfo.com New York's look into the commercial real estate crystal ball:

1. The spotlight will stay on the tech industry

The Cornell NYC Tech graduate school, which started classes in September in a temporary space at Google's Chelsea office, is slated to break ground in early 2014 on its $2 billion campus on Roosevelt Island. Along the East Side of Manhattan, up through Harlem, there’s been a focus on creating office space and incubators for biotech firms big and small.

2. The World Trade Center site will become an office hub again

4. WTC cut its ribbon at the end of 2013 and 1 WTC is scheduled to open in early 2014, Learner said. As these buildings open — along with the Fulton Transit Center, which is expected to be finished by June 2014 — more companies will have their eyes on opening in or relocating to the area, many predict.

3. This will make the Financial District the new Flatiron

With Condé Nast’s media empire set to be the anchor tenant at 1 WTC — leasing 1 million square feet in the glittering glass building formerly known as the Freedom Tower — and the hot advertising agency Droga5 moving from Midtown to a 90,000-square-foot space on Wall Street, the area is poised for a makeover.

Besides big firms like these, many startups that moved to the Flatiron — which had been the buzz-worthy neighborhood for the office market in 2013 — are now looking to Downtown, Learner said.

“Midtown South [the area home to the Flatiron] is where small, creative tech tenants flocked to because of the loft-like spaces conducive to collaboration,” Learner said. “But I expect [the Financial District] to be a go-to area for some of these newer startups now, particularly if they have a large number of their workers commuting from Brooklyn.”

The average price per square foot for office space in Lower Manhattan was $52.49 in the fourth quarter of 2013, compared to $66.24 for Midtown South, according to Studley's preliminary figures.

Lower Manhattan also has nearly 20 hotel projects under construction or planned, with more than 1,700 new rooms slated to open in 2014. A slew of new retailers, including a Fairway market, are expected to open in the Spring two blocks from the World Trade Center, according to a report by Cushman & Wakefield.

4. Williamsburg and other hot Brooklyn neighborhoods will get more office space

DUMBO, which is already a hotbed for Brooklyn's tech and creative companies, is going to have company.

Office projects are planned in Gowanus, Bushwick and Crown Heights, noted Dave Maundrell, president of aptsandlofts.com, which was tapped to be the broker for a 400,000-square-foot building for “creative types” set to rise near the Williamsburg waterfront, stretching from Kent to Wythe avenues between North 12th and 13th streets.

“There’s more office space planned for Brooklyn than you could imagine,” he said. "And when you put in office space, then you need cafés and coffee shops and other new services."

Office rents in Williamsburg are going for roughly $50 a square foot, he said.

5. Maturing startups will get some help with acoustics

Many of the city’s new wave of startups prefer space with concrete floors, exposed ceilings and open floor plans — not the best design when it comes to noise levels. So, companies are now looking for ways to include sound-absorbing materials to create a more balanced work environment, said Scott Spector, principal of the Spector Group, an architecture and interior design firm.

“Everything was bouncing off the walls,” Spector said. His go-to troubleshooting moves include adding furniture with more cushions or installing fabric panels on walls, since firms still want to keep the look raw. "They don’t want corporate,” Spector said.

6. Offices will embrace the roof terrace

From large companies to boutique firms, many offices now want roof terraces, much like residential buildings, said Spector, whose firm recently designed a terrace for a spirits company on Park Avenue near East 47th Street, and for a financial services firm that recently moved into the Starrett-Lehigh Building on West 26th Street near the Hudson River.

“It’s a place to get away,” Spector said of the terraces, that also provide a pleasant green space to look at when working inside.

7. Bike storage will become a must-have

As more New Yorkers bike to work, companies are requesting larger bike storage spaces, and some landlords are creating common areas for bike storage to save their tenants added real estate costs, Spector said.

"It’s a green initiative, but it’s also about retaining certain employees,” said Spector, who has been designing bike spaces for firms in Brooklyn, Downtown Manhattan and Midtown South.

8. The number of face-to-face social networking spaces will increase

In 2013, coffee shops, hotel lobbies and urban plazas increasingly became places where freelancers schmoozed and conducted business. In 2014, workplaces are picking up on the trend by creating “in-between places” and more lounges where people can meet and brainstorm in smaller groups, said Billy Hallisky, senior designer at Luckett & Farley’s Media + Entertainment Group, which specializes in creative-media workplaces.

“It’s these common spaces, these interstitial spaces — everybody is on the move, give people a chance to peel off into the hallway — that’s where the work is being done,” he said.

9. Offices will add gallery spaces

For offices that have the real estate, more of them will transform space into galleries that can be used for workers as well as for community events, Hallisky predicted.

“It makes you part of the community,” he said. “You can have temporary installations of any kind, even if it’s a kids’ art show. It’s a wonderful opportunity to get to know people in the community better.”

One space he worked on at an office in Riverdale, for instance, recently had a show of photos by children, taken on their parents' iPhones.

10. What will the new office workers drink? Cold-pressed juices

Cold-pressed juice bars are leading the charge of food retailers snatching up space in Manhattan, said Joseph Robinson of Bond New York.

"Cold-pressed juice is looking hot right now, and I think it's going to continue because a lot of people are looking for healthier options and it [is food that] can be done quick," he said. "The days of all the burgers and pizzas are getting pushed aside."