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Because clearly there aren't enough hotels in NYC to satisfy the swarms of tourists looking to spend $500 a night on a room, Ian Schrager is building another one. And it's not going to be a plain, old five-star hotel either. Schrager is planning to convert 1414 Avenue of the Americas—currently an office building—into a "six-star" property, a designation that technically doesn't even exist in the hotel world, but is used from time to time anyway. (That's how Dubai's ridiculously over-the-top Burj Al-Arab describes itself, for example.) It's good to see Schrager is finding inspiration in his former hotel company's current ad slogan. And at least he won't have to worry about evicting the tenant on the ground floor as part of the renovation process: Jeffrey Chodorow's ode to the last boom, Kobe Club, closed last month. You see, sometimes the recession comes in handy! [NYP]