A Designer Boom Amid the Bust in NYC | newsweek.com

Every street corner in New York these days, it seems, has a dry cleaner, pizza joint, dive bar, and neighborhood designer hotel. New York has hundreds of hotels, including at least 50 luxury properties. So why, over the past year, has the city suddenly given rise to a slew of new high-end designer properties? After all, this is where the global financial crisis started