In 1984, AT&T moved out of its adjacent headquarters at 195 Broadway. The block bounded by Fulton, Church, and Dey Streets and Broadway, including 195 Broadway, was sold for $70 million to Peter Kalikow. Kalikow destroyed two smaller structures near the block's western boundary. He considered two plans—those for an office building and for a hotel—switching between the plans before finally deciding upon a hotel. Kalikow built the hotel at a cost of $200 million and it opened in September 1992.