NEW YORK, March 21, 2018 /PRNewswire/ -- National real estate investor and developer Lightstone today announced the close of $91 million in financing with Bank of the Ozarks for the company's third Moxy hotel in New York City. Lightstone plans to develop the 285-key Moxy hotel at 112-120 East 11th Street in partnership with Marriott.
Moxy East Village will be located south of Union Square in the East Village, across from Webster Hall. In a nod to Moxy's vibrant, ever-transforming neighborhood, the hotel's design concept is based on urban archeology that references the city's past, present and future. Conceived as a vertical timeline, each floor reveals a different layer in Lower Manhattan's history, creating a sense of discovery for guests.
The micro-room, macro-amenity hotel will feature smartly designed bedrooms, technology savvy amenities, community based social programming, rooftop fitness, co-working spaces, and six new eating and drinking establishments for guests and locals.
"With its lively restaurant scene and vibrant nightlife, the East Village is the perfect location for our third Moxy hotel in New York," said Lightstone President Mitchell Hochberg. "Featuring a large array of amenities, efficient use of space, and lounges that bring travelers and the local community together, Moxy East Village will be a dynamic addition to the neighborhood. We look forward to working with Bank of the Ozarks and Marriott on this incredible project."
Lightstone plans to develop 1,500 Moxy hotel rooms in New York City, including the brand's 612-room flagship U.S. property in Times Square that opened in fall of 2017, as well as Moxy Chelsea, opening this fall. The company is developing seven Moxy properties across the nation, with one in South Beach, Miami, one in downtown Los Angeles and one in West Hollywood.
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 176 existing properties, Lightstone's $3 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 3,700 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with approximately $2.3 billion dollars currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.