Lightstone Group lands $262M loan for Times Square hotel

Firm plans to convert office building into 618-key hotel

TRD New York /
Nov.November 01, 2017 01:15 PM

Moxy Hotel at 485 Seventh Avenue and David Lichtenstein

The Lightstone Group just nabbed a $262.2 million financing package for its conversion of a Times Square office building into a new hotel.

Goldman Sachs provided a new $57.2 million gap mortgage for the firm’s Marriott Moxy Hotel at 485 Seventh Avenue, which consolidates $205 million in previous financing, documents filed with the city’s Department of Finance show. Square Mile Capital Management issued the $205 million construction loan last year, alongside $125 million in capital from two unnamed institutional investors.

Representatives for Lightstone could not immediately be reached for comment.

Lightstone TRData LogoTINY bought the 16-story office building in 2014 for $182 million, property records show. The firm plans to convert the property into a 618-key hotel. In March, the New York Post reported that the Tao Group struck a deal with Lightstone to open restaurants and bars in the hotel.

The firm is building another Moxy-brand hotel at 105-109 West 28th Street and one at 112 East 11th Street.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
US construction spending is up $37.8 billion year-to-date compared to 2019 (iStock)

Housing demand sent construction spending up in August

Housing demand sent construction spending up in August
The pandemic is leading to huge losses in value for hotels, malls and other commercial properties (iStock)

Troubled commercial properties see values fall 27%: report

Troubled commercial properties see values fall 27%: report
Larry Korman (Photo by Emily Assiran)

The self-lockdown lifestyle of AKA’s Larry Korman

The self-lockdown lifestyle of AKA’s Larry Korman
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
arrow_forward_ios

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

Loading...