Is A New Tech Hub Emerging In The Remains Of An Old Hotel?
It is all about tech these days and people do not want to miss out on an opportunity to create new spaces. According to recent reports, it has been revealed that a new tech hub is emerging in the remains of an old hotel in New York. Reports have revealed that the new tech hub will open in the Biltmore Hotel, which is a renowned Manhattan hotel. People used to go there to hang out and meet casually or a little formally. However, now, the hotel is being reconfigured as a tech incubator across Grand Central Terminal.
The hotel is located at 335 Madison Ave and therefore, so will be the tech hub. News reveals that the new tech hub will be more like Silicon Valley and will be in the center of NY. According to Matt Harrigan, the CEO of Company, while speaking about the new project, revealed that the new tech hub will take the same location as the hotel and will be in the center of the city. The new tech hub, he also revealed, is a result of the partnership between Milstein Properties LLC, which is the long time landlord of the company and the Grand Central Tech, which is responsible for incubating tech start ups.
It is still unclear if we will see media and other tech companies emerging there as well but according to Harrigan, the office space rental for these properties in the Chelsea and Flatiron District area have shot up drastically.
Milstein is said to invest over $100 million (US) in the new renovation. Milstein is also trying to make sure that he gets the best of the rest and therefore, is trying to get those people on board with whom one feels comfortable and satisfied after interacting. “We want the very best”, said Milstein on an occasion.
While the news regarding a new tech hub emerging in the remains of an old hotel seem quite interesting, it is not that simple as according to the President of Newmark Knight Frank’s NY tri-state region, David Falk, most of how things proceed will depend on how well they execute the project. David and his company have previously worked with Sandow Media LLC and Havas Digital Media in order to find office spaces. The execution will play a big role in determining how things go for the company and how the overall project emerges.
As of now, smaller companies or younger companies are mostly located in the lower Fifth Avenue area or the West Chelsea area, whereas, other big names have started to locate themselves in the Midtown area during recent times.
If a tech hub does emerge in the remains of an old hotel in the center of New York, it would mean great and bigger things for the tech world and companies operating in the hub as it is also going to be close by to many other companies such as Salesforce, who have also opened their offices in the hub.