{"id":1004243834,"date":"2018-07-19T00:52:41","date_gmt":"2018-07-19T08:52:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004243834"},"modified":"2022-12-08T05:55:50","modified_gmt":"2022-12-08T13:55:50","slug":"new-ritz-carlton-to-call-manhattan-home","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-ritz-carlton-to-call-manhattan-home\/","title":{"rendered":"New Ritz-Carlton to Call Manhattan Home"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004243837\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004243837\" data-attachment-id=\"1004243837\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-ritz-carlton-to-call-manhattan-home\/ritz-carlton-westchester\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg\" data-orig-size=\"560,409\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Ritz-Carlton Westchester\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Ritz-Carlton Westchester&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg?w=560\" class=\"wp-image-1004243837 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg\" alt=\"\" width=\"300\" height=\"219\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/Ritz-Carlton-Westchester.jpg?resize=300,219 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004243837\" class=\"wp-caption-text\">Ritz-Carlton Westchester in White Plains, N.Y.<\/p><\/div>\n<p>Atalaya Capital Management has secured $315 million in financing on behalf of Flag Luxury Group to construct a new flagship Ritz-Carlton Hotel in Manhattan.&nbsp;Located at the corner of 28th&nbsp;Street and Broadway, in New York\u2019s up-and-coming NoMad neighborhood, the property is being designed by Rafael&nbsp;Vi\u00f1oly and constructed by Lendlease.<\/p>\n<p>Atalaya closed on a $250 million senior construction loan and a $65 million preferred equity investment. In closing the construction loan component of the transaction, Atalaya also partnered with&nbsp;CapitalSource, a division of Pacific Western Bank.<\/p>\n<p><em>\u201cWe are excited to be working with Atalaya, who worked diligently to structure a creative and comprehensive capital solution to facilitate the development of an iconic brand\u2019s new flagship New York City location,\u201d<\/em> Paul Kanavos, Flag Luxury Group CEO, said in a prepared statement.<\/p>\n<h2>NYC hospitality powers through<\/h2>\n<p>Once finished, the new Ritz-Carlton will rise more than 550 feet and include 266-keys, with 16 branded residences, 6,000 square feet of meeting space and a world-class food and beverage program.&nbsp;The hotel is scheduled for completion in late 2021.<\/p>\n<p>The flagship hotel will be Flag\u2019s first ground-up hotel construction in New York City, though the developer has numerous world-class hotels and resorts in its portfolio, including four Ritz-Carlton properties in Florida.<\/p>\n<p>It\u2019s been a busy time in the New York hospitality arena. In June, a <a href=\"https:\/\/www.commercialsearch.com\/news\/marx-development-gets-88m-in-financing-for-hudson-yards-hotel\/\">42-story, 235,000-square-foot Marriott-branded hotel<\/a> planned by Marx Development Group for the $20 billion mixed-use Hudson Yards project on Manhattan\u2019s Far West Side received $88 million in financing from Mack Real Estate Credit Strategies; <a href=\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\">The 234-key Margaritaville Resort Times Square<\/a> is being developed by a partnership including Soho Properties and MHP Real Estate Services. That hotel is scheduled to open in 2020; and Lightstone recently topped out of construction at the <a href=\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\">349-key&nbsp;Moxy Chelsea Hotel<\/a>.<\/p>\n<p><em>Image courtesy of&nbsp;Atalaya Capital Management<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Atalaya Capital closed $315 million in financing for Flag Luxury Group\u2019s construction of the NoMad hotel, which is slated for a 2021 delivery.<\/p>\n","protected":false},"author":451,"featured_media":1004243837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21751,1600,21742,10],"tags":[41222,41228,33849,41225,33329],"class_list":["post-1004243834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-atalaya-capital-management","tag-flag-luxury-group","tag-lendlease","tag-pacific-western-bank","tag-ritz-carlton"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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