Morris Moinian to sell site of stalled hotel project

Developer seeks around $95M for vacant Sixth Avenue lot

TRD New York /
Mar.March 17, 2020 02:00 PM
Morris Moinian and 1150 6th Avenue (Credit: Noam Galai/Getty Images, Google Maps)

Morris Moinian and 1150 6th Avenue (Credit: Noam Galai/Getty Images, Google Maps)

Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead.

Moinian’s firm, Fortuna Realty, has hired a JLL team led by Bob Knakal to market the lot, the New York Post reported. Moinian had told the Post in October “we’ll be focusing on Sixth Avenue next year” after getting other projects off his plate.

The midblock site between West 44th and West 45th streets is “a great development site with approved plans to build a hotel there which a new owner could use or not,” Knakal said.

Moinian acquired the property in 2012 for $39 million, and had also considered constructing an office building on the site before deciding on a Ismael Leyva–designed hotel. “Locations like this do not come by often,” Moinian told the Wall Street Journal at the time.

The developer, who is the younger brother of developer Joseph Moinian, is seeking a price “in the mid-$90 millions,” and has already received several offers, Knakal said.

Things have gone from bad to worse for hotels lately. Even before the coronavirus pandemic dealt a major blow to the industry across the country, New York City’s hotel market faced declining room rates and a booming pipeline of new supply which made it more difficult for many hotel owners to meet debt obligations. [NYP] — Kevin Sun


Related Articles

arrow_forward_ios
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

Courtyard by Marriott in Herald Square to close permanently
From left: Embassy Suites at 60 West 37th Street, Ashford Hospitality Trust CEO Douglas Kessler, Magna Hospitality Group CEO Robert Indeglia and Royalton Hotel at 44 West 44th Street (Ashford, Magna Hospitality, Google Maps)

Royalton, Garment District hotels sell at discounts

Royalton, Garment District hotels sell at discounts
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
From left: David Singelyn of Homes 4 Rent, Jacque Petroulakis of NextMetro, and Adam Adler of Global City (Photos via Nexmetro, Global City, Singelyn via Cal Poly Pomona)

Developers bet big on build-for-rent in these uncertain times

Developers bet big on build-for-rent in these uncertain times
New York City Council member Brad Lander (Getty)

Brad Lander calls for city to use land banks

Brad Lander calls for city to use land banks
Hilton CEO Christopher Nassetta and the hotel at 234 West 42nd Street (Google Maps; Getty; Hotel Planner)

Hilton Times Square to close permanently

Hilton Times Square to close permanently
arrow_forward_ios

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

Loading...