{"id":1004263070,"date":"2018-09-06T04:05:31","date_gmt":"2018-09-06T12:05:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004263070"},"modified":"2022-12-08T15:23:42","modified_gmt":"2022-12-08T23:23:42","slug":"ground-breaks-on-500m-ritz-carlton-in-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ground-breaks-on-500m-ritz-carlton-in-nyc\/","title":{"rendered":"Ground Breaks on $500M Ritz-Carlton in NYC"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"The<\/a>

The Ritz-Carlton New York, NoMad<\/p><\/div>\n

Construction of The Ritz-Carlton New York, NoMad has officially gotten underway in Manhattan. Marriott International Inc. and Flag Luxury Group recently broke ground on the 250-key hotel, which will also feature 16 branded residences.<\/p>\n

Carrying the address of 1185 Broadway, The Ritz-Carlton NoMad will stand more than 500 feet above the streets of the increasingly coveted NoMad area. Marriott expects the development to be a centerpiece of the neighborhood.<\/p>\n

\u201cWe think now is the perfect time for this landmark project,\u201d<\/em> Tim Grisius, global real estate officer with Marriott International Inc., told Commercial Property Executive<\/em>. \u201cNew York\u2019s NoMad neighborhood is one of Manhattan\u2019s fastest-growing centers for creative and tech firms, and a hotspot for travelers and locals alike with a fascinating blend of architecture, shopping, restaurants and nightlife. It\u2019s the type of vibrant destination that Ritz-Carlton customers worldwide will increasingly seek out.\u201d<\/em><\/p>\n

Renowned architect Rafael Vi\u00f1oly designed the posh lodging destination, which, true to the Ritz-Carlton brand, will feature a host of sought-after amenities. Among the offerings are a rooftop bar; a signature Ritz-Carlton Spa and fitness center; and a 3,000-square-foot outdoor terrace to accommodate the rising demand in the area for social gathering spots and corporate events space.<\/p>\n

\u201cThis property will bring a fresh, modern approach to luxury to a part of Manhattan that\u2019s craving this type of product and service,\u201d<\/em> added Grisius.<\/p>\n

Come visit, come stay<\/strong><\/h2>\n

With 16 residential units, The Ritz-Carlton NoMad will also respond to an intensifying cry for branded residences, which, as Marriott notes, is the result of a convergence of evolving global demographics and a growing attraction to a lifestyle best served by walkable, mixed-use communities. \u201cWe\u2019re seeing elevated demand for branded residences around the world,<\/strong> and NoMad is a prime example,\u201d <\/em>Grisius said.<\/p>\n

Marriott is the largest branded residential company in the lodging sector, and locations flying the Ritz-Carlton flag attract more buyers than any of the hotel giant\u2019s other branded residential properties.<\/p>\n

The residences and guestrooms at Ritz-Carlton NoMad are scheduled to debut in 2021. Lend Lease is the general contractor on the project, which is being financed, in part, with a $250 million senior construction loan<\/a> and a $65 million preferred equity investment announced by Flag in July.<\/p>\n

Image courtesy of Marriott International<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marriott International and Flag Luxury Group have teamed up to develop the 250-key property in Manhattan\u2019s increasingly popular NoMad neighborhood, adding guest accommodations and branded residences to the market. <\/p>\n","protected":false},"author":969,"featured_media":1004263082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21751,1600,21742,10],"tags":[41228,41933,33877,32802,33329],"class_list":["post-1004263070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-hotel","category-new-york","category-latest","category-northeast","tag-flag-luxury-group","tag-lend-lease-development","tag-marriott","tag-marriott-international","tag-ritz-carlton"],"acf":[],"yoast_head":"\nGround Breaks on $500M Ritz-Carlton in NYC - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ground-breaks-on-500m-ritz-carlton-in-nyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ground Breaks on $500M Ritz-Carlton in NYC\" \/>\n<meta property=\"og:description\" content=\"Marriott International and Flag Luxury Group have teamed up to develop the 250-key property in Manhattan\u2019s increasingly popular NoMad neighborhood, adding guest accommodations and branded residences to the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ground-breaks-on-500m-ritz-carlton-in-nyc\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-06T12:05:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:23:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/The-Ritz-Carlton-New-York-NoMad.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ground-breaks-on-500m-ritz-carlton-in-nyc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ground-breaks-on-500m-ritz-carlton-in-nyc\/\",\"name\":\"Ground Breaks on $500M Ritz-Carlton in NYC - 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