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Old October 1st, 2013, 08:19 PM   #1
desertpunk
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NEW YORK | 450 Eleventh Avenue | 148m | 487ft | 43 fl | Prep

A longstanding proposal to build a 265,000 sq. ft. hotel opposite the Javits Center has acquired financing and is back on:

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420 Key Hotel back On At Hudson yards



Quote:
On 11th Avenue, a long-delayed 420-room hotel project which first got going in 2007 is back on track thanks to a cash infusion.

Real estate investor and developer David Marx has secured a loan to finally close — for a second time — on a Hudson Yards hotel site at 448 11th Avenue, an executive with the lender told The Real Deal. Marx previously owned the site, but Lehman Brothers Holdings reportedly took control of it in 2011 after he failed to make loan payments.

Madison Realty Capital, a commercial real estate investment firm, provided a $40.2 million loan, which will go toward paying off a discounted $50 million acquisition loan provided by Lehman. It will also cover predevelopment costs, although the project still requires a construction loan.

The site is located directly across the street from the Jacob K. Javits Center on the corner of 37th street and 11th Avenue. Marx paid $45 million for the site in 2007 but is paying somewhere “in the mid-$30s” for the site this time around, said Josh Zegen, a co-founder and managing member of Madison. The property was marketed by Andrew Scandalios of HFF.

When constructed, the 265,000-square-foot hotel will feature several food and beverage outlets, as well as meeting space, according to Madison. Marx is currently in discussions with hotel chain operators, Zegen said.

From August:

Quote:
David Marx buys back Javits Center hotel site for $30M

Investor paid $45M for property in 2007, lost it to Lehman two years ago

August 06, 2013 09:00AM


Real estate investor David Marx is taking another crack at a hotel dream that the recession shattered, paying more than $30 million for a site that his lender Lehman Brothers seized just two years ago, Crain’s reported.

The first time around, in 2007, Marx paid $45 million for the property at 448 11th Avenue, on the corner of West 37th Street across from the Jacob K. Javits Convention Center; his plans again call for a 210,000-square-foot hotel on the parcel, which is near another Marx development site at West 34th Street and 10th Avenue, according to Crain’s.


http://www.google.com/url?sa=t&rct=j...53371865,d.aWc
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Old February 18th, 2015, 06:57 PM   #2
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This time it’s different: David Marx eyes groundbreaking on 2nd Hudson Yards hotel Developer will pay $16.8M for building bonuses at 450 11th Ave
http://therealdeal.com/blog/2015/02/....VbPbVHRr.dpuf



Quote:
Developer David Marx, who already has a hotel under construction in Hudson Yards, is planning to break ground next year on a 438-key property on another site in the neighborhood that he once lost to his creditor.

Marx is planning to kick off construction early next year on a 39-story, 213,300 square-foot tower set to rise at 450 11th Avenue, a representative for the developer said. “No agreement with a particular brand at this point,” the representative wrote in an e-mail. Marx paid $35 million in 2013 to buy back the site at the southeast corner of 37th and 11th Avenue, within spitting distance of the Javits Center.

Lender Lehman Brothers had seized the property from Marx in 2011 after the developer failed to acquire a construction loan. The property allows for just shy of 100,000 square feet as-of-right. The developer will acquire another 114,550 buildable square feet by paying $16.8 million for a pair of building-bonus funds the city made available for projects in Hudson Yards when it rezoned the area in 2005.

Marx’s tower will be a block south from where the Chinese private equity firm Kuafu Properties, Siras Development and BlackHouse Development are planning a 47-story, hotel/condo tower. Meanwhile, construction is already underway at the corner of 34th Street and 10th Avenue, where Marx is developing a 399-room Marriot Courtyard Hotel.
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)
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Old February 23rd, 2015, 10:33 PM   #3
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Old February 23rd, 2015, 10:35 PM   #4
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https://www.skyscrapercity.com/showthread.php?t=1663389
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Old February 23rd, 2015, 10:43 PM   #5
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Quote:
Originally Posted by Hudson11 View Post
Search must be jacked cause I looked for a thread before posting.
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Old February 23rd, 2015, 10:45 PM   #6
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Nice fin pattern!
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Old February 23rd, 2015, 10:47 PM   #7
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Nice fin pattern!
Wish we had a larger render tho...
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Old February 23rd, 2015, 10:49 PM   #8
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Another interestingly designed tower for the West Side. The facade reminds me of the Aqua in Chicago.
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Old May 27th, 2015, 09:58 PM   #9
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Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

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Old May 27th, 2015, 10:29 PM   #10
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Great looking tower for it's size.
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Old July 18th, 2018, 12:35 PM   #11
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Permits Filed For 43-Story Hotel at New York’s Hudson Yards
Quote:
New York, United States – 17 July 2018

by DSM Design Group

Yet another new high-rise is about to begin rising in Hudson Yards. Permits have been filed for a 43-story hotel at 450 Eleventh Avenue, across from the Jacob K. Javits Convention Center and West 37th Street. The 34th Street - Hudson Yards subway station is four blocks away. Atria Builders is responsible for the permit filings, and Flushing-based Marx Development Groups will be responsible for the development.

The 487-foot (148.4-meter) structure will yield 273,330 square feet (25,393 square meters), with 212,860 square feet (19,775 square meters) dedicated to commercial use. The new plan calls for 531 guest rooms, well over the 440-key hotel expected in 2016. Reports from that year suggest the structure will be branded within the Starwood Hotels & Resorts Worldwide umbrella.

When complete, this and the Marx Group’s project at 461 West 34th Street will bring just over 1,000 hotel rooms within close proximity to the Hudson Yards development.

DSM Design Group will be responsible for the design. Renderings by the firm from 2016 show a glassy structure with a retail podium and setback on the 13th floor, which is reflected in the permit.

Demolition permits were filed in February 2017. The estimated completion date has not been announced.

For more on this story, go to New York YIMBY.
http://www.ctbuh.org/GlobalNews/getArticle.php?id=6224#!
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Old January 17th, 2019, 07:07 PM   #13
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Nice. I like the facade pattern.
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Old July 6th, 2019, 05:41 PM   #14
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digging. Photos by JC_Heights on the YIMBY forums

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Old August 16th, 2019, 04:54 PM   #15
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new rendering looks VERY interesting.

Marx Lands $368M in Financing for Hudson Yards Area Hotels, Queens Resi Project

Quote:
the lender upsized its $88 million loan—from June 2018—to $100 million for a soon-to-be-built, 42-story Marriott Tribute hotel at 450 11th Avenue. The 216,000-square-foot-property sits just across from the Javits Center between West 36th and West 37th Streets. The additional proceeds this time around fund predevelopment costs and also the hiring of Tel Aviv-based Moshe Tzur Architects, sources said. Marx is also “well along in the process of raising $66 million in EB-5 financing for the project and hopes to complete the raise shortly,” one source added.
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Old August 16th, 2019, 05:19 PM   #16
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Very nice .
Moshe Tzur designed many of Tel aviv's High rises.
What i especially like about this design - it seems like something New york would have, a chic of New york, Tel aviv has other chic which i do like as well.
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Old August 22nd, 2019, 02:11 PM   #17
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a better look

https://newyorkyimby.com/2019/08/ult...son-yards.html



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Old Yesterday, 08:38 PM   #18
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Old Yesterday, 09:55 PM   #19
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Really hope it stays that way without some utility stuff sticking out on top in the end.
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