Excavation work is underway at 50 Trinity Place in the Financial District, where a ground-up, 28-story Aloft Hotel will soon rise. The upcoming reinforced concrete building will yield 173 rooms and 77,310 square feet of newly built space. Plans also call for a ground-floor restaurant adjacent to the lobby, as well as a fitness center on the second floor and seven to eight rooms per floor up to the last occupiable level. Peter Poon Architects is the designer of the tower while FIT Investment Corporation is the developer. The site was previously purchased for $15 million from Sam Chang in 2012.
Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding Company, Maefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.
The first floor slabs for a new Margaritavile Resort at 560 Seventh Avenue are beginning to rise above the crowded tourist-congested streets and sidewalks of Times Square. The 29-story building will sit at the intersection of Seventh Avenue and West 40th Street. Coming to the property will be a three-story restaurant, an outdoor swimming pool with plentiful seating and beach-themed motifs, and a rooftop bar called the LandShark Bar & Grill. Sharif El-Gamal of Soho Properties is developing the site along with MHP Real Estate Services. The cost to build is expected to be around $300 million.
New York City will soon be home to the world’s tallest modular hotel, an ambitious new venture by Marriott International. Designed by Danny Forster & Architecture, the 26-story AC NoMad Hotel is set to dethrone the 19-story citizenM New York Bowery Hotel as the tallest modular hotel ever pieced together.
Permits have been filed for an 41-story hotel at 140 Fulton Street in the Financial District, Manhattan. Located between Nassau Street and Broadway, the interior lot is one block from the Fulton Street subway station, serviced by the 2, 3, 4, 5, A, C, J, and Z trains. Hidrock Properties is listed as the owner behind the applications.