NEW YORK, Dec. 7, 2018 /PRNewswire/ -- National real estate investor and developer Lightstone announced today the close of $35.6 million in financing from Bank OZK for the acquisition of a site for the development of a new Moxy hotel located at the corner of Bowery and Broome Street. The 298-key hotel will be Lightstone's fourth Moxy in New York City.
The new Moxy will be at the epicenter of New York City's nightlife and dining scene, situated at the intersection of the fashionable Lower East Side, Soho, Little Italy and Chinatown neighborhoods. The 16-story hotel will be blocks away from the new Essex Crossing, a $1.1 billion development that will continue to play a transformational role in the neighborhood.
The hotel will feature rooms that are efficient yet stylish, with comfortable, technology-savvy amenities and innovative dining and drinking offerings along with additional rooftop space. Like Lightstone's other Moxy hotels, this Moxy will offer guests affordability without sacrificing style or comfort.
"With its exciting nightlife, dining and shopping, this area is perfectly suited for the Moxy guest, and we are pleased to announce it as the newest New York City location for the brand," said Mitchell Hochberg, Lightstone President. "We believe the hotel will be a strong addition to the dynamic and growing neighborhood."
This will be Lightstone's fourth Moxy in New York City, including Moxy's 612-room flagship property in Times Square that opened last year and was named 2017 Development of the Year by the Americas Lodging Investment Summit (ALIS).
Lightstone is opening Moxy Chelsea this February, where TAO Group will debut brand-new dining and drinking concepts in collaboration with Francesco Panella of the acclaimed restaurant Antica Pesa in Rome and Brooklyn. Across the country, Lightstone has additional Moxy locations under development, including in Miami's South Beach and Downtown Los Angeles.
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 175 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 4,000 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 $3 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
Teddy Wilson Simmons