Flag Luxury lands $250M for NoMad Ritz-Carlton hotel

The lender is Atalaya Capital

TRD New York /
Jul.July 20, 2018 05:33 PM

Paul Kanavos and 1185 Broadway (Credit: Getty and Google Maps)

Paul Kanavos’ Flag Luxury Group landed a $250 million loan for a planned Ritz-Carlton hotel in NoMad.

The building will be constructed on two adjacent parcels with the addresses 1185 Broadway and 29 West 28th Street. Flag Luxury filed permits for the property in 2016, with plans calling for a 164,400-square-foot building with 145 rooms. Construction is currently underway. The latest Department of Buildings filings for the building are for the installation of underground plumbing and installation of fuel tanks. Once it’s built, the tower is expected to be 40 stories tall with a height of 580 feet.

The lender for the new mortgage is alternative investment firm Atalaya Capital, according to records filed with the city on Friday. The company assumed the existing $50 million debt on the property and provided a $108.3 million building loan and a $91.3 million project loan.

Kanavos bought the vacant lots from commercial real estate firm Clark Wile and Mayer for $100 million in 2015. He has a history with Ritz-Carlton, having a developed a few hotels under the brand in Florida. The only other Ritz-Carlton in the city is at 50 Central Park Park South, according to the hotel chain’s website.

Flag Luxury Group did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Millionaires’ fortunes are shrinking. Here’s what that means for real estate

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

arrow_forward_ios