Schrager Plans Midtown Hotel
HOTEL king Ian Schrager has just worked out an agreement with Norman Sturner to turn the current, Class B office building at 1414 Avenue of the Americas into not just a two- or three-star establishment, but a "six-star" luxury Ian Schrager Hotel. "We will empty the property and let him do his magic," said Sturner of Schrager. Sturner's own job, he said, is to be the "owner." Through expiring leases, the building will be "virtually empty" by 2010, when $100 million in development work could start.