New 40-story hotel planned opposite the NoMad

Developer Paul Kanavos picked up site for $100M last year

Jan.January 21, 2016 12:35 PM

Hotel Developer Paul Kanavos has filed plans to bring a 146-key hotel to the corner of Broadway and West 28th Street.

Kavanos, the developer of Ritz Carlton in South Florida as well as the St. Regis Resort Temenos Anguilla, nabbed the site last year for $100 million through his firm Flag Luxury Properties.

The deal was financed by a $50 million mortgage from United Overseas Bank Limited New York Agency, the local arm of the Singaporean multinational banking giant, records show.

The new 40-story building, at 1185 Broadway, would comprise a total 153,199 square feet plus 11,190 square feet of commercial space, records show. The man behind the design of Shvo’s 125 Greenwich Street, Rafael Vinoly, is the architect of record for the project, according to YIMBY, which first spotted the plans.

At 580 feet tall, the hotel would be one of the tallest buildings in the immediate area.

If completed, the new hotel would likely compete against the nearby Ace and NoMad hotels for monied travelers.

It would also add to the steady stream of hotel inventory in the pipeline citywide, which is rumored to be putting downward pressure on hotel rates.

The average revenue for an available New York City hotel room fell by 12.9 percent year-over-year in January, according to a recent report, and average occupancy hit just 68 percent, a 4.7 percent annual drop.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

5Pointz (Credit: EMMANUEL DUNAND/AFP via Getty Images)

Judge upholds $6.75M award for 5Pointz artists

201 West 92nd Street and 78 Riverside Drive (Credit: Google Maps)

Acuity Capital lands $324M refi on 28-building multifamily portfolio

RE/MAX CEO Adam Contos (Credit: Facebook, iStock)

Lead gen 2.0: RE/MAX app will go through agent contact lists to predict sellers

The Lord & Taylor building at at 424-434 Fifth Avenue and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon mulls buy of WeWork’s Lord & Taylor building

Ian Bruce Eichner and Madison Square Park Tower

Ian Bruce Eichner gets $45M for Flatiron penthouses