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New York

Lightstone planning fourth Moxy Hotel at 151 Bowery

Developer is in contract to buy site from Emmut Properties

151 Bowery and The Lightstone Group's David Licthenstein (Credit: Google Maps)
151 Bowery and The Lightstone Group's David Licthenstein (Credit: Google Maps)

Hotel and condominium developer Lightstone Group plans to build a fourth Moxy Hotel in Manhattan at the site of a lighting store in the Bowery, the company said Monday.

Lightstone is in contract to acquire the building at 151 Bowery from Emmut Properties, a memorandum filed Monday with the city’s Department of Finance shows. Lightstone declined to provide the amount that it would pay for the site at closing. Emmut Properties’ John Young did not respond to a request for comment.

151 Bowery last sold for $23.5 million in 2014, in what was then said to be a record price for the lighting district.

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Lightstone’s three other Moxy developments are in Chelsea, Times Square and the East Village. The company plans to build a toal of 1,500 Moxy hotel untis citywide. Planned locations for the chain outside New York include Miami, Los Angeles and Hollywood.

In March, Lightstone bought a 183-key Hilton Garden Inn in Long Island City, paying $60 million.

Emmut Properties sold three other light stores on Bowery last year for a total of $24 million.

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Commercial Real EstateHotel MarketLightstone Group