Extell Development has begun building a Midtown Hyatt hotel at 135 West 45th Street that some had predicted might never happen, the New York Post reported.
The midblock site between Sixth Avenue and Times Square had sat dormant despite Extell Development having assembled the land and air rights and poured a foundation. Now, the arrival of a tower crane at the site indicates movement.
The Real Deal previously reported that the 50-story hotel project would go ahead despite the company having sold off 11 commercial property lots in Midtown for approximately $125.16 million, including the hotel site.
According to documents filed with the city in July, the buyer in the bulk property sale, which included lots on 45th and 46th streets, was HHC TS REIT LLC. Barnett is still declining to identify the LLC.
“We’re moving forward rapidly,” Barnett told the Post.
He estimated the construction cost as above $300 million. [Post]