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Thread: 960 6th Ave

  1. #1

    Default 960 6th Ave

    This area warrants something better than this.

    http://therealdeal.com/newyork/artic...truction-loans



    Fashion District Marriott hotels get $66M in construction loans
    November 23, 2011 06:00PM

    By Guelda Voien
    From left: 25 West 37th Street, rendering of the Courtyard Marriott at 960 Sixth Avenue Hidrock Realty has secured $66 million in construction loans for its two Fashion District hotel projects -- at 960 Sixth Avenue and 25 West 37th Street -- the developer announced earlier this week.

    As The Real Deal previously reported, Hidrock purchased the note for 960 Sixth Avenue, also called the Atlantic Bank building, from Société Générale for $40 million in October 2009. The company foreclosed on the 35th Street office building, which by then had only one tenant, in August 2010. Previous owner Statuto Group had planned a residential conversion for the site, and Hidrock had considered a mixed-use space including offices, but in the end a hotel was the most lucrative venture, said Hidrock's president, Abraham Hidary.

    The developer now plans a Courtyard Marriott at the address, for which it just closed on $36 million in construction financing from BBVA Compass. The hotel, across the street from Macy's Herald Square flagship, will boast 167 rooms, a rooftop bar and retail, and should be completed by October 2012. The total cost of the conversion will be around $30 million, Hidary said.

    Nearby, Hidrock is developing 25 West 37th Street, also under the Marriott umbrella, with Florida-based partner Robert Finvarb Partners. Hidrock nabbed a $30 million construction loan from the Bank of Nova Scotia for the $54 million project. The 173-room hotel, set to rise between Fifth and Sixth avenues, will be a Springhill Suite and is slated for completion in October 2013. Architect Gene Kaufman is designing both hotels, Hidary said. Neither bank could be immediately reached for comment.

    Hidrock purchased a controlling stake in the 37th Street parcel for $18 million in the second quarter of 2010, and later decided to develop a hotel there, Hidary said.

    Hidrock is very active in the Fashion District submarket, where the company owns and operates a number of office properties. Despite the lending climate, the developer secured great terms on the London Interbank Offered Rate-based loan -- less than 5 percent interest with between 55 and 60 percent leverage, according to Hidary.

    "Lenders are looking for quality product in quality locations, and we fit right into that mold," he said.

  2. #2

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    How dare they call Kaufman an architect!!!!

  3. #3

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    Quote Originally Posted by londonlawyer View Post
    This area warrants something better than this.
    um, the rendering shown is of an existing building. A nice one at that.

  4. #4

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    Quote Originally Posted by Derek2k3 View Post
    um, the rendering shown is of an existing building. A nice one at that.
    The rendering on the right is of an existing building? I thought that this was planned for the site on 6th next to the Public US HQ where a small building now exists.

  5. #5

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    Yes its an existing building. The rendering shows no tumor additions by Kaufman - thank god.

  6. #6
    Build the Tower Verre antinimby's Avatar
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    Can you people read?

    The one on the right is getting a conversion. The one on the left, 25 W 37 is getting replaced with another Kaufman eyesore.


    Kaufman will be involved with the conversion of the existing building as well.

  7. #7

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    The one on the left already sits next to what looks like another setback Kaufman/Poon street splat?
    Did the city give him the rights to redevelop every parking lot and tear down that can be made available in the garment district
    At this rate the west sides of 37th to 40th St are turning into a Kaufmanian hotel ghetto

  8. #8
    Crabby airline hostess - stache's Avatar
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    Welcome to our newly revitalized red light district.

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