Lightstone pays $57M for future site of LES Moxy hotel

The deals allow Lightstone to build a 70K sf hotel

New York /
Dec.December 04, 2018 06:30 PM

145-151 Bowery and The Lightstone Group’s David Licthenstein (Credit: Google Maps)

UPDATED, Dec. 7, 12:18 p.m.: Lightstone Group paid $56.6 million for the future site of a Lower East Side Moxy Hotel.

The firm acquired 151-153 Bowery and 331-337 Broome Street in two separate transactions. The Bowery property, a three-story building that spans 22,300 square feet, was sold by Emmut Properties. It was on the market for $32 million. The five-story Broome Street building, meanwhile, was sold by Lau Management. The property was listed for $30 million. The deals closed yesterday, according to brokerage firm Friedman Roth Realty, which arranged the sale.

Lightstone went into contract for the Bowery building last July. At the time, the firm told The Real Deal that it planned to build its fourth Manhattan Moxy hotel at the location. The site, which is composed of three separate lots, offers 70,000 buildable square feet. Lightstone filed demolition permits for the Bowery property last October. Lightstone plans to build a 16-story, 298-key hotel.

Lightstone is funding the acquisition with a $35.6 million mortgage from Bank OZK. The firm’s Moxy locations are at 485 Seventh Avenue in Times Square, 112-120 East 11th Street in the East Village and 105 West 28th Street in Chelsea. The company plans to open 1,500 Moxy units across the city and is looking to expand in Miami and Los Angeles.

Friedman Roth’s Richard Guarino and Marc Hershberg marketed the site and procured the buyer.

This story has updated to include information regarding the loan from Bank OZK.


Related Articles

arrow_forward_ios
Soho Properties chairman and CEO Sharif El-Gamal (Getty, Margaritaville)
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Jason Pomeranc and 305 West 48th Street (CIVILIAN, Google Maps, Kelleecaitlin/Wikimedia)
Jason Pomeranc to launch new Theater District hotel
Jason Pomeranc to launch new Theater District hotel
The hotel on Rockaway Beach sold for $25 million (Google Maps)
Pandemic pricing arrives to middle of i-sales market
Pandemic pricing arrives to middle of i-sales market
Queens Councilman Francisco Moya (iStock, New York City Council)
City Council bill would force hotels to pay severance to laid-off workers
City Council bill would force hotels to pay severance to laid-off workers
AvantStay CEO Sean Breuner (AvantStay, iStock)
AvantStay launches brokerage arm
AvantStay launches brokerage arm
Hilton Grand CEO Mark Wang, 12 East 48th Street and Henry Silverman of 54 Madison Partners (Hilton, Rinaldi, 54 Madison)
Hilton timeshares arm buys distressed Midtown hotel for $58M
Hilton timeshares arm buys distressed Midtown hotel for $58M
Hyatt Hotels CEO Mark Hoplamazian and Apple Leisure Group Chairman Alex Zozaya (Hyatt, Apple Leisure Group)
Hyatt Hotels buys Apple Leisure Group for $2.7B
Hyatt Hotels buys Apple Leisure Group for $2.7B
Can Trump International Chicago bounce back?
Can Trump International Chicago bounce back?
Can Trump International Chicago bounce back?
arrow_forward_ios

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

Loading...