This time it’s different: David Marx eyes groundbreaking on 2nd Hudson Yards hotel

Developer will pay $16.8M for building bonuses at 450 11th Ave.

New York /
Feb.February 18, 2015 11:45 AM

Developer David Marx, who already has a hotel under construction in Hudson Yards, is planning to break ground next year on a 438-key property on another site in the neighborhood that he once lost to his creditor.

Marx is planning to kick off construction early next year on a 39-story, 213,300 square-foot tower set to rise at 450 11th Avenue, a representative for the developer said.

“No agreement with a particular brand at this point,” the representative wrote in an e-mail.

Marx paid $35 million in 2013 to buy back the site at the southeast corner of 37th and 11th Avenue, within spitting distance of the Javits Center. Lender Lehman Brothers had seized the property from Marx in 2011 after the developer failed to acquire a construction loan.

The property allows for just shy of 100,000 square feet as-of-right. The developer will acquire another 114,550 buildable square feet by paying $16.8 million for a pair of building-bonus funds the city made available for projects in Hudson Yards when it rezoned the area in 2005.

Marx’s tower will be a block south from where the Chinese private equity firm Kuafu Properties, Siras Development and BlackHouse Development are planning a 47-story, hotel/condo tower.

Meanwhile, construction is already underway at the corner of 34th Street and 10th Avenue, where Marx is developing a 399-room Marriot Courtyard Hotel.


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