Olshan Client Magnetic Construction Group Corp. Restores Historic Hotel
The Wall Street Journal (subscription required) featured the renovation of the Knickerbocker Hotel in Times Square in a story highlighting the recent and continuing trend of the conversion of landmarked properties into luxury hotels. The Knickerbocker, a Beaux-Arts gem at the corner of 42nd Street and Broadway, was built by John Jacob Astor IV, and in its heyday was a magnet for celebrities like Enrico Caruso and F. Scott Fitzgerald. The $125 million renovation, being constructed by Olshan client Magnetic Construction Group Corp., will feature the restoration of the building’s many historic details, together with the addition of a central courtyard and several hospitality and recreation spaces. Alexander Ferrini is representing Magnetic in connection with the construction of the project.