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Silverstein, Four Seasons Team for Downtown Hotel

NEW YORK CITY-Moody's former headquarters at 99 Church St. will become a hotel and condo development. It will be the tallest residential building Downtown when complete.

By Melissa Kress | Updated on January 29, 2008

[IMGCAP(1)]NEW YORK CITY-With just weeks to go before the new office buildings at the World Trade Center site begin to rise, Silverstein Properties has partnered with Four Seasons Hotels and Resorts to bring one more project to the area: a hotel and condo development at 99 Church St.

Located between Barclay and Park Place, Moody’s called the site home before moving to 600,000 sf at 7 World Trade Center. As a result of the move, Silverstein and CalSTRS bought 99 Church St. in late 2006 for $170 million, as GlobeSt.com previously reported. Metro Fund LLC, a joint venture between the two owners, is redeveloping the property.

[IMGCAP(2)]With office, retail and residential development growing Downtown, Silverstein turned to one real estate industry sorely missing in the neighborhood: hospitality. “Downtown has a hospitality deficit,” president and CEO Larry Silverstein explained at a Tuesday morning conference sponsored by the Alliance for Downtown New York and the Downtown-Lower Manhattan Association. “There are currently 400 fewer hotel rooms Downtown than before Sept. 11.” With approximately 2,500 existing rooms, Downtown has less than 4% of all existing hotel rooms in Manhattan, he added.

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