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Old Posted Feb 12, 2015, 6:55 PM
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Qatari group closing soon on $535M Times Square hotel



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Qatari investment firm Al Rayyan Tourism and Investment is closing in the next few days on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million, industry sources said. The deal could give rise to a new tower of as much as 900,000 square feet.

The buyer, known as ARTIC, is a subsidiary of Al Faisal Holdings, which is controlled by Qatar’s ruling Al Thani family. ARTIC is buying a 97 percent stake in the building, which is owned by Rockpoint Group, Highgate Hotels and a Goldman Sachs fund. The 22-story, 500,000-square-foot tower, which has an address of 790 Seventh Avenue or 1656 Broadway, covers a full city block bounded by Seventh Avenue, Broadway, and 51st and 52nd streets.

Rockpoint, Highgate and Goldman Sachs purchased the building from Starwood Hotels & Resorts in 2012 for $275 million.

Insiders said the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower. The buyers inked the contract last year to purchase the hotel.

The new owner could develop about 600,000 square feet as-of-right, but if the site were put through the city’s uniform land use review process, known as ULURP, the building could grow to as much as 900,000 square feet, a person familiar with the site said.

The retail could be renovated, in an area where rents are about $500 to $600 per square foot on the ground floor facing Broadway.

The building traded at a capitalization rate of between 3 percent and 4 percent, the source said. Eastdil Secured’s Doug Harmon, Adam Spies and Mark Schoenholtz brokered the deal, which is the third large Manhattan hotel transaction brokered by Eastdil over the past few months that involved foreign buyers.
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http://therealdeal.com/blog/2015/02/....G3oXLe0L.dpuf
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Old Posted Feb 12, 2015, 10:46 PM
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I was reading up on this. Seems likely to be a new building. We'll wait and see.
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Old Posted Feb 13, 2015, 2:53 AM
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900k SF on that narrow site could be pretty tall, great location too!
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Old Posted Feb 13, 2015, 3:06 AM
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It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
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Old Posted Feb 13, 2015, 3:12 AM
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Replace, replace! I've always thought that building needed to go.
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Old Posted Feb 13, 2015, 12:31 PM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.
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Old Posted Feb 13, 2015, 3:52 PM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
Quote:
Originally Posted by yankeesfan1000 View Post
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.


It's a full block, but it's in the Times Square area where Broadway cuts through, creating smaller blocks. Being on that full block would help with the rezoning needed for that extra bulk.


Quote:
The new owner could develop about 600,000 square feet as-of-right, but if the site were put through the city’s uniform land use review process,
known as ULURP, the building could grow to as much as 900,000 square feet, a person familiar with the site said.
That's a nice size for hotel/residential space.



An overall look from GoogleEarth...











































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Old Posted Feb 13, 2015, 7:33 PM
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Its good that this eyesore will go bye bye. Now we need a project to fix the Marriott in Times Square. Some major re cladding is needed!
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Old Posted Feb 13, 2015, 7:55 PM
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Old Posted Feb 14, 2015, 2:31 AM
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Quote:
Originally Posted by yankeesfan1000 View Post
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.
True... but by "isn't that tall" I'm assuming you mean it won't be a supertall, but it could hit 800+ feet which would be nice for the area.
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Old Posted Feb 14, 2015, 4:21 AM
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Originally Posted by Zapatan View Post
True... but by "isn't that tall" I'm assuming you mean it won't be a supertall, but it could hit 800+ feet which would be nice for the area.
At this point in the game, I think simply being a supertall wouldn't account for a whole lot, unless it were in the real of 1,400 ft or so. I doubt we would get anything that tall, though they would probably go for tallest hotel. The site is not far from the Tower Verre site, which would be the closest supertall. But it's a rare and unique full block site, so I would like something nice to go up here.


Quote:
Qatari investment firm Al Rayyan Tourism and Investment is closing in the next few days on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million...

Insiders said the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower.
If it's going to be strictly hotel, I wouldn't expect too much. If we get a residential/hotel mix, it could be more interesting. If we get an idea of chosen architects, that would give us a clue on what to expect. But they're gonna want to get that money back multiple times.
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  #12  
Old Posted Feb 14, 2015, 4:29 AM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
Yes, but it's a relatively small block.
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