By Adam Pincus
The Lightstone Group will build its fifth New York City Moxy hotel on the east side of Bedford Avenue between South 4th and South 5th streets in Williamsburg on a site acquired in multiple transactions for a total cost of $30.4 million.
The developer is planning to construct a 210-key hotel, according to regulatory filings. The Rabsky Group, which sold a portion of the site to Lightstone in July 2019 for $15 million, has approved permits for a smaller, 103-unit hotel. At the time Lightstone purchased that site, it also closed on two neighboring parcels which expanded the frontage along Bedford.
No revised Department of Buildings plans have been filed that increase the number of hotel units, although Lightstone has stepped into the role as developer in DOB filings.
In U.S. Securities and Exchange filings, Lightstone reported the total acquisition cost as $30.4 million.
It was previously reported that Lightstone would construct a Moxy hotel in Williamsburg, but the location and total sale price had not been reported. Yesterday, Lightstone recorded a zoning lot merger which included the two new parcels.
Moxy is a Marriott-owned, millennial-focused brand.
The other five Moxy hotels included three open hotels. The largest is the 612-key hotel in Times Square. In addition, there is the Moxy Chelsea on West 28th Street and the 286-key Moxy East Village which opened in September 2019.
The most recent project to start development is the 298-key Moxy planned for the corner of Bowery and Broome Street.
There is no consrtuction debt yet recorded for the Williamsburg property, and Lightstone said in a regulatory filing that, “We currently do not intend to commence construction activities prior to obtaining construction financing.”