Ian Schrager, boutique hotelier extraordinaire, decorated this property with contemporary art by the likes of Andy Warhol and Jean-Michel Basquiat. The lobby has a chic, hushed quality but upstairs, rooms are pure decadence, with draped velvet, studded leather, and very red drapes. Try for a view overlooking Gramercy Park if you can swing it; staffers also let you in the gated private park on request. Maialino, Danny Meyer's Roman trattoria, has been a hit since day one; use your hotel connections to snag a reservation. The rooftop garden, renamed Gramercy Terrace, has a retractable roof 17 stories above the city. The Rose Bar remains exclusive, with access only if you're a guest or if you've made a reservation.