[3rd&Brown]

I'll answer my own question.

The Moxy East Village is a 311 room hotel that was recently completed in the East Village/LES (garbage location by NY standards). I'd argue it's positioning is similar to that of the Hyatt Centric.

The site cost $127MM and the construction was at least $70MM from what I can read, though probably more. That brings the cost to $197MM.

Their room rate is comparable to Philadelphia.

There's a reason why RE investors are flocking to Philadelphia. It's because its not quite the ripoff you've been lead to believe it is.