New SoHo hotel plans to rival Trump

A new hotel at 525 Greenwich Street hopes to compete with the other trendy hotels in the neighborhood, like the Trump SoHo and the Mercer Hotel, once it opens its doors in 2013.

The hotel is reported to cost $60 million and construction is set to begin before the year ends. The former parking garage site, located on Greenwich between Spring and Vandam Streets, was acquired by the Fortuna Realty Group in a recent auction for $12.75 million. The building will include 124 quest rooms, with an annual nightly rate of $400, as well as a 90-seat restaurant, according to the Real Deal, a magazine devoted to the real estate market.