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Debt & Equity

Lightstone closes on $262M for first of five Moxy hotels

National real estate investor and developer Lightstone announced the close of $262 million in financing with Goldman Sachs for the recently developed flagship Moxy Times Square hotel.

Moxy Times Square is a design-driven hotel Lightstone developed in partnership with Marriott. Formerly the New Mills Hotel, built in 1907 in on 36th Street and 7th Avenue, Moxy Times Square opened to guests in September 2017.

“The financing for Moxy Times Square continues our longstanding relationship with Goldman Sachs, and we’re pleased to be working together yet again,” said Mitchell Hochberg, Lightstone president. “Our close relationship with Goldman Sachs has been and continues to be instrumental across our wide-ranging portfolio.”

Pitched as an alternative to the typical hotel experience, Moxy Times Square’s 612 bedrooms are designed by Yabu Pushelberg to adapt to modern travelers’ changing needs.

Bedrooms feature a wide variety of room types, flexible furniture, oversized walk-in showers, fast and free Wi-Fi, and personal screencasting technology offering Netflix, Hulu, and Pandora, among others. The hotel also has immersive social spaces that are built for co-working and play, encouraging visitors and locals to intermingle.

Additionally, TAO Group established five new eating and drinking destinations at Moxy, including Legasea, a seafood brasserie; Egghead, an egg-centric sandwich shop; Bar Moxy, a communal lobby bar; The Pickup, a grab-and-go concept; and Magic Hour, the largest all-season hotel rooftop bar featuring an urban amusement park concept.

In addition to Moxy Times Square, Lightstone plans to develop five more Moxy properties across New York City, Miami, and Los Angeles.
The property was first financed through a $205 million loan from Square Mile and Bank of the Ozarks.

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