The Knickerbocker HotelYou can't buy much in New York City for $2. To celebrate its upcoming 109th Anniversary, however, landmark Times Square hotel The Knickerbocker will release a limited number of luxury rooms for that price, the rate it originally cost to rent a room at the renowned hotel in 1906.

The one-time promotion, which comes in the form of an online sweepstakes launched on the hotel’s website, is intended to celebrate the 2015 rebirth of the historic property by allowing contestants the chance to win a $2 room on the night of October 23, which marks the 109th anniversary of the original hotel.

The concept was the brainchild of New York-based EVINS Communications, which has served as AOR for The Knickerbocker since 2013. David Harrison, Vice President and Director of Digital and Integration for EVINS, spearheaded the campaign.

The Knickerbocker Hotel originally opened in 1906, built by famed real estate developer John Jacob Astor IV, who later died in 1912 with the sinking of the Titanic.

Rumored as the birthplace of the Martini, and responsible for popularizing the use of the now-ubiquitous velvet rope line, the iconic beaux-arts style building, which sits on Broadway and 42nd Street, even makes an appearance in F. Scott Fitzgerald's classic novel, "This Side of Paradise." It was designated a New York City Landmark in 1988.

The hotel closed in the 1920s before reopening as office space, and later, serving as headquarters of Newsweek magazine.

After a $115 million renovation, the structure reverted back to its initial use, reopening in February as a five-star hotel under its original moniker. The 300-room hotel also holds a restaurant, coffee shop and roof bar that overlooks Times Square.

“In the center of a city filled with landmarks and notable locations, we felt that it was our responsibility to recognize the building's original anniversary as a homage to the original landmark destination built by John Jacob Astor IV," said Jeff David, Managing Director of The Knickerbocker. "By utilizing the original 1906 opening rate of $2, but using the modern medium of social media to promote, we are both honoring the original vision of the hotel, while positioning it as a thoroughly modern destination.”

To enter the sweepstakes, visit www.theknickerbocker.com.