David Lichtenstein’s Lightstone Group has secured a $262.2 million loan for its 612-key Marriott Moxy Hotel at 485 Seventh Avenue, according to city records.
The new loan replaces a $330 million mortgage from a group of investors led by Square Mile Capital Management. The lender for the new loan, Goldman Sachs, provided $57.2 million in new financing.
The 7th Avenue location will be Marriott’s flagship for the Moxy brand. Lightstone is building a “micro-room” hotel at the site, according to its website. Planned amenities for the property include a rooftop fitness area, collaborative workspaces and a space for pop-up shops. The hotel will also have a 5,000 s/f rooftop bar.
Lightstone acquired the site, located between West 36th and West 37th Street near Times Square, for $182 million in 2014. The property was built in 1907 as a 1,885-unit single room occupancy building, according to a previous report from the Commercial Observer. The tower was converted into retail and offices in the 1980s. Last March, the Tao Group, which operates establishments such as Beauty & Essex and Tao Asian Bistro, agreed to a deal to operate bars and restaurants in the hotel.