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New York

The Tao of Lightstone

485 Seventh Avenue
485 Seventh Avenue in the Garment District (inset: David Lichtenstein)

The Lightstone Group has struck a deal with the Tao Group that brings the nightlife brand on board to host the restaurants and bars at the upcoming Marriott Moxy Hotel. The property at 485 Seventh Avenue scored $330 million in financing just over a year ago, money that will allow Lightstone to proceed with plans for a 618-key hotel in Times Square.

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Lightstone acquired the 235,000-square-foot Garment District office building, located between West 36th and West 37th streets, from the Eretz Group for $182 million in 2014.

Noah Tepperberg, a partner at Tao, confirmed the deal to the New York Post. Tao Group’s other ventures in the city include Beauty & Essex, LAVO, Marquee, and TAO Asian Bistro Downtown, according to the Post. It also handles food and beverage for the Dream Downtown. [NYP] — TRD

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Commercial Real EstateLightstone Group