The Real Deal New York

Lightstone looking to sell Moxy Hotel retail for $64M

Deal would include 4K sf of retail and a 27K sf garage

November 09, 2016 02:00PM

Rendering of Moxy Times Square South at 485 7th Avenue (credit: Lightstone)

Rendering of Moxy Times Square South at 485 Seventh Avenue (credit: Lightstone)

David Lichtenstein’s Lightstone Group hopes to sell the retail space and garage at the base of the Marriott Moxy Hotel in the Garment District, which is under construction, for $64 million.

The developer is looking to offload a 4,000-square-foot retail condo and 27,000-square-foot garage at the 16-story building at 485 Seventh Avenue, the Commercial Observer reported.

The property is being marketed by Meridian Investment Sales TRData LogoTINY and CBRE. According to Meridian, the retail condo is divided into two storefronts, a 1,408-square-foot space leased by sandwich shop Pret A Manger through March 2019, and a vacant 2,596-square-foot space. The 138-car parking garage is leased to Icon Parking Systems until 2033.

Lightstone, together with Marriott International, is redeveloping the 235,000-square-foot structure between 36th and 37th Avenues into a 618-key Moxy hotel. Lightstone bought the property for $182 million in 2014, and secured $330 million in new loans earlier this year. [CO] Chava Gourarie

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