Visionary Schrager wants the new 452-room, five-star hotel, located at 20 Times Square 701 Seventh Avenue, to become a food and lifestyle destination that attracts hip Manhattan locals as well as visitors.
The hotel boasts a slew of dining experiences including fine dining establishment 701 West spearheaded by John Fraser – the first Michelin-starred chef to grace the neighbourhood - refined public spaces and terraces, 27 suites and an 1880-square-foot penthouse with a landscaped terrace and sweeping views over Times Square.
The five-star property's entertainment space and modern-day cabaret, Paradise Club, is not only a chic place for a tipple but will also feature shows - part theatre, part performance art - across a range of disciplines, each show different to the last.
"Times Square used to be the cultural mecca of not only this city or this country, but perhaps the world, and then it stopped being that," Schrager said last month.
"It was always a combination of high-brow and low-brow, and then the high-brow left. But [location] has never ever been an issue for me. If you build something special, then people will come."