Lightstone completes $72.5 million transaction: Plans to develop a 285-key Moxy hotel with Marrriott
New York, NY Lightstone has completed the sale of a multifamily building at 85 East 10th St. for $72.5 million, which was purchased along with 112-120 East 11th St., where Lightstone plans to develop a 285-key Moxy hotel, in partnership with Marriott.
The 11th St. property will be the site of one of four planned Moxy hotels that Lightstone is developing in the city. The site is located south of Union Sq. in the East Village, across from Webster Hall.
Lightstone plans to develop 1,500 Moxy hotel rooms in the city, including the brand’s 618-room flagship U.S. property in Times Sq., scheduled to open later this year.
The company is developing seven Moxy properties across the nation, with one in South Beach, Miami, one in downtown Los Angeles and one in West Hollywood.
“We’re excited to announce the sale of our 10th Street building as we continue to develop our Moxy hotels in New York and nationally,” said Lightstone president Mitchell Hochberg. “We look forward to bringing Moxy to the East Village, offering all the amenities and comforts of a Marriott hotel with energized socially active spaces, at an affordable price.”