The W Hotel Union Square, housed in an elegant old building on Park Avenue South at the northern edge of lower Manhattan, is populated with an assortment of models, actors, and other big spending types in advertising, finance, etc., etc., etc. The number of $21 cocktails flowing through the bar must be waning, because business is way down and the new owners are filing for bankruptcy protection.
Crain's first reported on the story.
Update: My apologies... The Real Deal had the piece first -- last night, in fact. You can read their article here.