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