{"id":401612,"date":"2022-01-31T01:52:53","date_gmt":"2022-01-30T22:52:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/glamorous-trendy-times-square-hotel-tower-has-new-owners\/"},"modified":"2022-01-31T01:52:53","modified_gmt":"2022-01-30T22:52:53","slug":"glamorous-trendy-times-square-hotel-tower-has-new-owners","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/glamorous-trendy-times-square-hotel-tower-has-new-owners\/","title":{"rendered":"#Glamorous, trendy Times Square hotel tower has new owners"},"content":{"rendered":"<p>&#8220;<strong>#Glamorous, trendy Times Square hotel tower has new owners<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<p>A Natixis-led lenders group won control of 20 Times Square\u00a0in a Jan. 26 public foreclosure auction when outside bidders failed to top their offer, Realty Check has learned. The brightly lit, 42-story tower at Seventh Avenue and West 47<sup>th<\/sup>\u00a0Street is home to the marquee-name Times Square Edition Hotel.\u00a0<\/p>\n<p>\u201cThis outcome is not surprising,\u201d a source familiar with the situation said. Title to the skyscraper is expected to transfer within a few weeks.<\/p>\n<p>Mark Siffrin\u2019s Maefield Development defaulted on the $800 million leasehold debt in late 2019. The property has been tangled in litigation ever since over that obligation and other loans and liens associated with the building.<\/p>\n<p>What the Natixis group will do next is unclear. As we first reported on Jan. 19, the lenders t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed SL Green Services to service the loan and consult on the situation.<\/p>\n<p>\u00a0The step theoretically opened the door to SL Green becoming the property\u2019s asset manager. That has not yet happened, but it would fit with SL Green CEO Marc Holliday\u2019s statement in the company\u2019s annual report that it would pursue more such arrangements. The publicly traded developer-landlord is not believed to be interested in buying\u00a020 Times Square for its own portfolio.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"594\" height=\"395\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/natixis.jpg?quality=90&amp;strip=all\" alt=\"Natixis sign and logo on a building\" class=\"wp-image-21026498\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/natixis.jpg?quality=90&amp;strip=all 594w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/natixis.jpg?quality=90&amp;strip=all&amp;w=297 297w\" sizes=\"auto, (max-width: 594px) 100vw, 594px\"\/><figcaption>A group of investors led by French-owned company Natixis will control the destiny of 20 Times Square.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The hotel is the New York flagship of the trendy, Marriott-owned Edition brand under the creative direction of Ian Schrager. It occupies about 90 percent of the tower. It boomed until the pandemic lockdowns, and then reopened in June 2021. The rest of the building is mostly empty retail space \u2013 which was the main cause of Maefield\u2019s loan failure.<\/p>\n<p>The Edition hotel is likely to remain as Marriott has an ironclad management contract that can\u2019t be abrogated by a change in ownership.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"904\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-02.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Times Square\" class=\"wp-image-21026674\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-02.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-02.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-02.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Title to the Times Square skyscraper is expected to transfer within a few weeks.<\/figcaption><figcaption><span class=\"credit\">poweroftimessquare.com<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"857\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all&amp;w=857\" alt=\"Times Square\" class=\"wp-image-21026679\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all&amp;w=1714 1714w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all&amp;w=1285 1285w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all&amp;w=857 857w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all&amp;w=428 428w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-01.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 857px) 100vw, 857px\"\/><figcaption>Maefield Development defaulted on the $800 million leasehold debt in late 2019.<\/figcaption><figcaption><span class=\"credit\">poweroftimessquare.com<\/span><\/figcaption><\/figure>\n<p>The mystery is solved over what\u2019s coming to the formerly notorious southwest corner of First Avenue and East 78th Street. Carmel Partners filed plans with the Department of Buildings\u00a0for a 24-story apartment tower at the long-empty lot, Upper East Side Patch reports.<\/p>\n<p>The project will also encompass adjacent 1487 First Ave. and 356 E. 78th St., low-rise buildings that will be demolished.<\/p>\n<p>The new building will have 94 apartments and ground-floor retail space.<\/p>\n<p>Carmel\u2019s plans appear to bring an end to\u00a0a long-running saga involving the site, which previous owners had left vacant for more than a decade. The contaminated conditions including rat infestation drew the attention of Council Member Julie Menin and other local elected officials, as The Post first reported.\u00a0<\/p>\n<p>California-based Carmel bought the fenced-in, weed-infested eyesore for $73.5 million in December.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/east-78th-street.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A lot bordered by fencing\" class=\"wp-image-21026519\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/east-78th-street.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/east-78th-street.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/east-78th-street.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>An apartment building will rise in the vacant space at First Avenue and 78th Street.<\/figcaption><figcaption><span class=\"credit\">Google Maps<\/span><\/figcaption><\/figure>\n<hr class=\"wp-block-separator\"\/>\n<p>Office leasing has quieted since the big Touro College and Roku deals in Times Square early this month. More modest activity includes 30,000 square feet of new leases, a lease extension and expansion at Savanna\u2019s 521 Fifth Ave. at East 43d Street.<\/p>\n<p>The new deals were 8,600 square feet plus an outdoor terrace for Teza Technologies on the 22nd floor and 6,700 square feet for Arevon Energy on the 34th floor. Meanwhile, commercial real estate firm Berkadia moved into a larger space on the 16th floor, combining a new lease and extension of 15,000 square feet.<\/p>\n<p>The 498,700-square-foot tower still has about 100,000 square feet available, but recent leasing has been brisk. Asking rents are $69 to $87 per square foot.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/521-fifth-ave.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Exterior of 521 Fifth Avenue\" class=\"wp-image-21026505\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/521-fifth-ave.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/521-fifth-ave.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/521-fifth-ave.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Three companies recently inked leases at 521 Fifth Ave.<\/figcaption><figcaption><span class=\"credit\">Google Maps<\/span><\/figcaption><\/figure>\n<\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/01\/30\/glamorous-trendy-times-square-hotel-tower-has-new-owners\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Glamorous, trendy Times Square hotel tower has new owners&#8221; A Natixis-led lenders group won control of 20 Times Square\u00a0in a Jan. 26 public foreclosure auction when outside bidders failed to top their offer, Realty Check has learned. The brightly lit, 42-story tower at Seventh Avenue and West 47th\u00a0Street is home to the marquee-name Times Square&#8230;<\/p>\n","protected":false},"author":1,"featured_media":401613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/20-times-square-comp.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[125176,72881,4969,21252,70756,28758],"class_list":["post-401612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-30-22","tag-commercial-real-estate","tag-hotels","tag-roku","tag-times-square","tag-upper-east-side"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/401612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=401612"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/401612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/401613"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=401612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=401612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=401612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}