NEW YORK, Nov. 30, 2017 /PRNewswire/ — National real estate investor and developer Lightstone today 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 dynamic, design-driven hotel Lightstone developed in partnership with Marriott. Formerly the New Mills Hotel, built in 1907 in Midtown Manhattan on 36th Street and 7th Avenue, Moxy Times Square proves that affordability doesn’t have to mean a sacrifice of style or comfort. The 17-story hotel 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.”
An energetic alternative to the typical hotel experience, Moxy Times Square’s 612 bedrooms are cleverly 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, furiously 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 twist on the traditional grab-and-go concept; and Magic Hour, NYC’s largest all-season hotel rooftop bar and lounge featuring an ‘urban amusement park’ concept and stunning views of the Empire State Building. Moxy Times Square has an innovative design and a playful soul at rates that make it appealing to the modern traveler.
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.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio (in 28 states) currently includes over 5.6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 4,766 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence