GFI Renovating a 1903 New York Office Building Into a Hotel

The NoMad Hotel Expected to Bring New Identity to Historic NYC District "North of Madison Avenu

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. October 22, 2008

NEW YORK, NY, October 20, 2008. New York City-based GFI Development Company (www.GFICap.com) is pleased to announce plans for a new luxury property called The NoMad Hotel in one of the last nameless neighborhoods in Manhattan. The renovated hotel, located at 1170 Broadway, will be the first to open as LEED-certified and will bring a new identity to this currently unidentified area in the heart of New York. The opening is slated for Fall 2009.

Standing for 'North of Madison Avenue' and located in the Madison Square North Historic District, the 'NoMad' area consists of upscale residences, retail shops, creative agencies and renowned restaurants. Intersected by Broadway, Fifth and Madison Avenues, this district will now add a new high-end luxury hotel to its roster.

The NoMad, positioned on the historic block of Broadway at 28th Street, was originally constructed in 1903 for Caroline Johnston in the flurry of new building on Broadway up to Penn Station. In the sidewalk outside the building, a bronze plaque memorializes 28th Street as "Tin Pan Alley" where many popular theatrical songs were written in the early 20th century. Drawing upon the building's 19th French Renaissance architecture, The NoMad Hotel will be decorated by an internationally-acclaimed interior designer and will feature a chic French Bohemian d'ecor. The twelve-story Kentucky limestone property will be including 160 oversized guest rooms and 11 suites, each with an open, 'loft-like' feel that includes wood floors, high ceilings and extra large windows, allowing an abundance of natural light into each room, many of which will have views of the Empire State Building. GFI has engaged Stonehill & Taylor as architects for the project.

"This is an exciting time for GFI Development Company and a great opportunity to transform an overlooked neighborhood," says Michael A. Rawson, President, GFI Hotel Company and NoMad Hotels. "We believe the abundance of landmark buildings, the diversity of creative businesses, and the overall energy in this historic neighborhood will allow The NoMad Hotel to inspire change in an area coming into its own, while preserving and restoring many of the buildings' historic elements, blending the old with the new. We look forward to helping establish a name for this thriving community and making The NoMad Hotel a desirable and sought-after destination for visitors and residents alike."

The NoMad Hotel will also include a fine dining restaurant and bar, including both outdoor and private dining, featuring fare by a world-renowned chef, state-of-the-art meeting and event spaces including a Townhouse meeting room, a luxury penthouse suite with spectacular views of the Empire State Building, a roof terrace with a garden, the historic cupola, and an 1,800 square foot fitness facility fully equipped with a Turkish steam room.

About NoMad

Located on 28th Street and Broadway in the newly-established NoMad district of Manhattan, The NoMad Hotel is slated to launch in fall 2009, and is the first LEED-certified renovated hotel in New York City. The NoMad Hotel will be steps away from Manhattan's premier institutions, shopping and business districts, including the Empire State Building, Madison Square Park, and 34th Street - Herald Square.