Starwood, Tribeca move forward with Midtown condo and hotel

New York /
Mar.March 06, 2012 09:00 AM

Starwood Capital and Tribeca Associates have finished acquiring surrounding air rights and are beginning construction on the 45-story condo and hotel tower planned for the former site of the Donnell Library in Midtown.

The New York Post reported that Tishman Construction has begin excavation work at 20 West 53rd Street for the 340,000-square-foot building’s foundation. It will dedicate the bottom three stories to a Donnell Library replacement, the next nine to an ultra-luxury hotel and the remaining floors to condominium apartments.

The building will reach that height thanks to two recent deals Starwood and Tribeca struck with nearby landlords. In December they paid $30.825 million for air rights from the owners of 666 Fifth Avenue, and a month later they paid $16.6 million for air rights from Orient-Express, which owns the ’21’ Club behind the construction site and were the original developers of the project before Starwood and Tribeca bought it out last year. The ownership group also took out a $63 million mortgage on the site.

Though the Department of Buildings has yet to approve all the plans, final renderings haven’t been released, and it’s still unclear what the hotel will be branded, the New York Public Library, which operates Donnell, expects it to be complete by 2014. [Post, 1st item]


Related Articles

arrow_forward_ios
Starwood Property Trust's Barry Sternlicht (Getty, iStock)
“Good luck finding people”: Sternlicht warns of labor shortage for infrastructure bill
“Good luck finding people”: Sternlicht warns of labor shortage for infrastructure bill
Sam Zell (left) and Barry Sternlicht (Photos by Studio Scrivo and Emily Assiran)
Battle of Monmouth: Zell and Sternlicht’s $2B struggle over warehouse REIT
Battle of Monmouth: Zell and Sternlicht’s $2B struggle over warehouse REIT
Starwood Property Trust CEO Barry Sternlicht (Getty, iStock)
Washington is “putting kerosene on an open fire” with spending bills: Sternlicht
Washington is “putting kerosene on an open fire” with spending bills: Sternlicht
Blackstone CEO Stephen Schwarzman and Starwood CEO Barry Sternlicht (Getty)
Here’s an inside look at Extended Stay’s 62K-key portfolio
Here’s an inside look at Extended Stay’s 62K-key portfolio
Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty)
Blackstone, Starwood up bid for Extended Stay America
Blackstone, Starwood up bid for Extended Stay America
Starwood Capital CEO Barry Sternlicht and HFZ Capital chairman Ziel Feldman with the Chatsworth at 344 West 72nd Street and (Getty, Google Maps)
Starwood takes control of 21 units at HFZ’s Chatsworth
Starwood takes control of 21 units at HFZ’s Chatsworth
Barry Sternlicht (Getty, iStock)
Real estate is a “four-letter word” in the capital markets: Sternlicht
Real estate is a “four-letter word” in the capital markets: Sternlicht
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)
Extell, Starwood alums seek $500M for “contrarian” investing
Extell, Starwood alums seek $500M for “contrarian” investing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...