Lightstone pays $57M for future site of LES Moxy hotel
The deals allow Lightstone to build a 70K sf hotel
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.