Back in late April, when news broke that the 6-building portfolio of 85 E. 10th St. and 112-120 E. 11th St. had been sold, an EVG commenter with some inside information left the following:
Lightstone will be demolishing the properties on 11th street beginning this year, and plans to develop a hotel there on behalf/with one of its hotel partners— most likely Marriott— to build one of their low-budget "hip" hotels, branded as "Moxy". They will be doing minor refurbishing to 85 East 10th Street, and then will look to unload it. They only bought the property because Pan Am required purchase of 85 E10th as part of the 112-120 E11th deal.
Hope they have an incredible budget for sound-proofing on this new development because staying across from Webster Hall is not the most conducive to the whole "sleeping" experience! Haha.
Yesterday, The Real Deal reported that the East 11th Street buildings between Third Avenue and Fourth Avenue will be demolished to make way for a ... 300-room hotel with Marriott International’s Moxy Hotels serving as the brand.
The Lightstone Group paid Pan Am Equities $127 million for the portfolio.
85 East 10th Street — which represented $75.4 million of the total purchase price — is not going to be part of the project. In fact, Lightstone wants to sell it, and hired a team from Meridian Capital Group to bring the 121-unit, 69,100-square-foot rental building to market.
There are other Moxy properties in the works at 105 W. 28th St. in Chelsea and 485 Seventh Ave. south of Times Square.
Reps for Lightstone haven't filed any new permits yet for the East 11th Street buildings.
Previously on EV Grieve:
6-building complex on East 10th Street and East 11th Street sells for $127 million