Sunday, April 6, 2014

Another Hotel/Condo Tower to Rise at Bryant Park

HFZ Capital Group announced plans for a Bryant Park mixed-use project where another developer once planned to build the city’s largest green hotel. HFZ, one of the most active developers in Manhattan, plans to construct a 32-story, 361-foot-tall tower at 20 West 40th Street, between Fifth and Sixth avenues, with at total of 276 condominium and hotel units. Currently, the site is a parking lot.

At the top of the newly-proposed tower, there will be a total of 61 condominium units:

  •     Two units each on floors 29 through 32
  •     Three units each on floors 24 through 28
  •     Four units each on floors 17 through 23 
  •     Five units each on floors 15 and 16

The hotel will have 215 luxury appointed rooms rising from the second to the 14th floor.

HFZ, along with several partners, purchased the vacant lot out of foreclosure in 2010 for $46 million, and then last year some of those partners sold their stakes for $83 million. HFZ remained as owner and as the developer.

The financing for the project included a large amount of funds from foreign investors seeking permanent residency through a minimum investment of $500,000 in a development project through the U.S. Citizenship & Immigration Services’ EB-5 program.

Earlier plans for the site laid during the boom years never materialized.

Starwood Capital Group announced in 2007 that it intended to open a “1” Hotel in the 31-story LEED-certified hotel and condo tower planned for the site.

But that project collapsed and the property owner sold the site to HFZ after its lender started foreclosure proceedings.

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