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Lightstone looking to sell Moxy Hotel retail for $64M
Deal would include 4K sf of retail and a 27K sf garage
![Rendering of Moxy Times Square South at 485 Seventh Avenue (credit: Lightstone)](https://static.therealdeal.com/wp-content/uploads/2016/11/Moxy-485-7th-Aveb-1600x600-e1478716808278.jpg)
David Lichtenstein’s Lightstone Group hopes to sell the retail space and garage at the base of the Marriott Moxy Hotel in the Garment District, which is under construction, for $64 million.
The developer is looking to offload a 4,000-square-foot retail condo and 27,000-square-foot garage at the 16-story building at 485 Seventh Avenue, the Commercial Observer reported.
The property is being marketed by Meridian Investment Sales [TRDataCustom] and CBRE. According to Meridian, the retail condo is divided into two storefronts, a 1,408-square-foot space leased by sandwich shop Pret A Manger through March 2019, and a vacant 2,596-square-foot space. The 138-car parking garage is leased to Icon Parking Systems until 2033.
Lightstone, together with Marriott International, is redeveloping the 235,000-square-foot structure between 36th and 37th Avenues into a 618-key Moxy hotel. Lightstone bought the property for $182 million in 2014, and secured $330 million in new loans earlier this year. [CO] — Chava Gourarie