Fortuna Realty permitted for stalled 310-key hotel in Midtown, six years after plans were filed

Morris Moinian’s Fortuna Realty, on October 6, received permits for construction of a 310-key, 138,345-square-foot hotel building at 1150 Sixth Avenue in Midtown, in Manhattan.

The developer received both foundation and new building permits. No construction loan has been recorded as of publication date. Fortuna has a $40 million loan with Morgan Stanley Private Bank secured by the property.

The permits come one year after reports circulated that Moinian was planning to scrap the plan for the luxury hotel and sell the site. According to The New York Post, the developer was hoping for a sale in the “mid-$90 millions or north of $600 per square foot”.

However, no such sale has occurred, and the new permits indicate the development is moving forward after the property has sat vacant for years.

The developer is behind other hotel developments around the city, such as Hotel Hendricks on West 38th Street. In 2018 the developer said that work on Hotel Hendricks was part of the reason the Sixth Avenue plans were stalled.

The plans, pre-filed on October 2, 2015, call for the construction of a 415-foot tall, 41-story hotel.

The project is described in the filings as: proposed new 41-story hotel.

According to the plans, the ground floor will have a lobby, lounge, and a restaurant. The second floor will have a ballroom. The third floor will have a kitchen. Floors four and five will be used for mechanical rooms. The sixth floor will have six hotel rooms, floors seven through 36 will each have 10 hotel rooms per floor, while the 37th floor will have four hotel suites. The 38th floor will have a rooftop bar. Floors 39 through 41 will be used for mechanical rooms. The cellar will have a spa, gym, meeting rooms, and a restaurant.

Ismael Leyva Architects is listed as the architect.

The property was acquired for $39 million on March 23, 2012.

Direct link to Acris document. LINK

Direct link to DOB document. LINK