Construction is well underway at 151 Maiden Lane for the brand-new Marriott-branded AC Hotel New York Downtown. After two years of construction, the hotel now stands at 10 stories, YIMBY, New York reported.
The building permits indicate the structure will be 139,891 square feet and stand 336 feet to its pinnacle at the top of the bulkhead, YIMBY learned. LCRE Group is the developer and Pizzarotti-IBC has been building the project since it’s inception in August of 2015.
The 33-story hotel broke ground in August 2015 and its full construction is planned to finish in April. AC Hotel’s Marriot is expected to start booking guests to its business guest-oriented hotel in June.
AC Hotels by Marriot are designed for business travelers. AC was Founded by renowned hotelier Antonio Catalan in 1998 and merged with Marriot in 2011. AC Marriot describes these hotels as having purposeful design improves their guests’ lives and provides them and opportunity to slow down and uncover the beauty in the essentials.
Ac Hotels operate over 100 hotels worldwide: Brazil, Canada, Denmark, Italy, France, Germany, Guatemala, Mexico, Panama, Poland, Portugal, Spain, Turkey, United Kingdom, and the United States are all part of the list.
The latest South Street Seaport offering is part of their expansion plans that include over 100 more hotels over the next several years. AC Hotels by Marriot are opening their Times Square hotel at 206 West 40th Street in April.
The developer is looking for a $100 million more towards financing the construction, according to The Real Deal. LCRE, which has offices on Staten Island and in Chinatown, acquired the site from Fortis Property Group for $32 million, so far invested a total of about $48 million into the project and will have roughly $48 million of hard equity remaining in the deal after the refinancing, according to marketing documents. LCRE seeks a non-recourse temporary loan (bridge loan). A non-recourse loan essentially a collateral loan where if the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount.
Recently, the Cipriani family, owners of the famed eponymous restaurant opened up their first hotel called Mr. C Seaport located at 33 Peck Slip, which is a 66 key hotel. This is all part of an ongoing effort to revitalize the South Street Seaport area in to a popular dining, retail and entertainment destination. Hurricane Sandy caused major damage to this historic area in the Financial District.
By Austin Myers
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