{"id":1004315465,"date":"2019-04-10T01:32:46","date_gmt":"2019-04-10T09:32:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004315465"},"modified":"2019-04-11T01:32:08","modified_gmt":"2019-04-11T09:32:08","slug":"flag-luxury-lands-equity-partner-for-508m-nyc-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/","title":{"rendered":"Flag Luxury Lands Equity Partner for $508M NYC Project"},"content":{"rendered":"
\"The<\/a>

The Ritz-Carlton New York, NoMad. Image courtesy of Marriott International<\/em><\/p><\/div>\n

Flag Luxury Group has found a new equity partner for its Manhattan hotel project, The Ritz-Carlton New York, NoMad. EB5 Capital made a $125 million preferred equity investment in the 250-key luxury lodging destination, which is being developed at a cost of approximately $508 million.<\/p>\n

Flag Luxury, which commenced development of the Ritz-Carlton NoMad<\/a> with a $250 million senior construction loan and $65 million preferred equity investment from Atalaya Capital Management in 2018, is scheduled to deliver the hotel in 2021. The investment in the Rafael Vi\u00f1oly-designed development marks EB5 Capital\u2019s fifth project involving a hotel operating under one of the brands of Marriott International, which inked a management agreement with Flag Luxury in July 2018. <\/p>\n

\u201cOur company is very conservative in the selection of EB-5 projects and developer partners, and we spent many months analyzing potential EB-5 investment opportunities in NYC,\u201d<\/em> Brian Ostar, senior vice president of global operations with EB5 Capital, said in a prepared statement.<\/p>\n

The Ritz-Carlton NoMad is sprouting up at 1185 Broadway, a site that Flag Luxury purchased in conjunction with the neighboring lot at 29 W. 28th St. for $100 million in 2015. Upon completion, the hotel property will also feature 16 Ritz-Carlton-branded penthouse residences as well as a restaurant, signature lounge, rooftop bar, public garden and a signature spa and fitness facility.<\/p>\n

Homing in on hotels<\/h2>\n

EB5 Capital, a leader in the EB-5 immigrant investor industry, is quite keen on the U.S. hotel market, which continues to fare rather well. \u201cDespite the first indications of a potential softening in U.S. lodging performance, the industry still is forecast to operate at exceedingly high occupancy levels and profit margins,\u201d<\/em> according to the March 2019 edition of CBRE’s Hotel Horizons research.<\/p>\n

EB5 Capital\u2019s latest projects in the hotel sector include the 504-key, dual-branded Courtyard and Residence Inn by Marriott at 901 L St. NW in Washington, D.C. EB5 made a $40.5 million preferred equity investment in the project, which opened in November 2018. EB5 is also part of the team that provided financing for the 148-key Proper Hotel redevelopment project, located in downtown Los Angeles and scheduled to reach completion in summer 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

EB5 Capital made a $125 million investment in the 250-key Ritz-Carlton development, which is currently under construction in Manhattan\u2019s NoMad area. <\/p>\n","protected":false},"author":969,"featured_media":1004315693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21825,21751,1600,21742,32781],"tags":[34179,41228,33877,45134,33329],"class_list":["post-1004315465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-finance","category-hotel","category-new-york","category-latest","category-southeast","tag-eb5","tag-flag-luxury-group","tag-marriott","tag-rafael-vinoly","tag-ritz-carlton"],"acf":[],"yoast_head":"\nFlag Luxury Lands Equity Partner for $508M NYC Project - 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\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flag Luxury Lands Equity Partner for $508M NYC Project\" \/>\n<meta property=\"og:description\" content=\"EB5 Capital made a $125 million investment in the 250-key Ritz-Carlton development, which is currently under construction in Manhattan\u2019s NoMad area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/\" \/>\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=\"2019-04-10T09:32:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-11T09:32:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/Marriott__The_Ritz_Carlton_Nomad_cropped.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"613\" \/>\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\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/\",\"name\":\"Flag Luxury Lands Equity Partner for $508M NYC Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/Marriott__The_Ritz_Carlton_Nomad_cropped.jpg\",\"datePublished\":\"2019-04-10T09:32:46+00:00\",\"dateModified\":\"2019-04-11T09:32:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flag-luxury-lands-equity-partner-for-508m-nyc-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/Marriott__The_Ritz_Carlton_Nomad_cropped.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/04\/Marriott__The_Ritz_Carlton_Nomad_cropped.jpg\",\"width\":800,\"height\":613,\"caption\":\"The Ritz-Carlton New York, NoMad. 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