Construction has topped out on 255 West 34th Street, a 33-story hotel tower on the southern edge of the Garment District in Midtown, Manhattan. Designed by Stonehill Taylor and developed by Maverick Real Estate Partners, the 397-foot-tall structure was last planned to yield 330 hotel rooms spread across 155,594 square feet. The property is located on an interior lot between Seventh and Eighth Avenues.
The remaining reinforced concrete levels of the cantilevering superstructure were constructed since our last update in April 2023, when work had recently stalled out. The project remained on hold for two years before picking up again earlier this year.
255 West 34th Street. Photo by Michael Young.
Yellow insulation boards have started to go up across the bottom of the western side of the tower.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
The first windows have also begun installation in their grid of protruding frames on the lower levels of the building.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
255 West 34th Street. Photo by Michael Young.
While outdated, the rendering in the main photo still provides a general indication of the final outcome for the project. The bulk of the fenestration will be composed of an orderly grid of windows with protruding frames. A contrasting volume with a shallow cantilever on the eastern end of the building will feature recessed windows. The structure of the upper levels has been altered to employ a stepped crown, rather than the flat roof shown in the rendering.
The project has been in the works for more than ten years, beginning with The Chetrit Group’s purchase of the parcel in 2014. Following the acquisition of financing from Arbor Commercial Mortgage, construction finally broke ground in 2019 with plans for the hotel to operate under IHG Hotels & Resorts branding. However, the COVID-19 pandemic hampered construction progress in 2020 with residual effects extending over the following years.
In May 2022, Maverick Real Estate Partners stepped in to acquire $110 million in project debt tied to loans that had matured the previous month. While Maverick granted The Chetrit Group an extension to repay the balance by October 30, the firm later claimed that no payments were made. Maverick also alleged that Chetrit failed to pay property taxes on the site. In response, Maverick covered $19 million in principal and interest payments and issued a demand to either complete the hotel or pay the estimated $106.4 million needed to finish the project.
The property was sent to auction on January 18, 2023, with Maverick officially taking control of the unfinished hotel on January 31 for a final transfer value of $104.5 million. Work remained stalled for some two more years following the sale, and only resumed in earnest earlier this year.
A revised anticipated completion date has not been announced, but YIMBY expects the project to finish sometime late next year or in early 2027.
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Well, we need more hotel rooms in NY.
Cantilevered buildings should be banned. They are hideous.
Agree!!!
that’s fine if you prefer less housing supply or draconian laws forcing buying out of those “hold-outs”
There’s buzz it will be a “Canopy by Hilton,” one of its boutique marques.
“Hilton Hangover”
Hotel stock in this area is in need of a serious upgrade. Most options are Chang/Kaufman ‘value-engineered’ properties with lower tier brands. Considering the considerable development occurring to the west (Hudson Yards & Javitz), south (PENN District), as well as its proximity to all of midtown and TimeSquare, the area can support better flags and higher rates…maybe even more keys.
Whatever
You, whatever 🤡
YEAH WHATEVER