JV Plans $90M Hotel Development

NEW YORK CITY-HREC Investment Advisors successfully represented West 37th Street Owner LLC and Englewood, CO-based Stonebridge Realty Advisors Inc. in formulating a joint venture to develop a 220-room select service hotel on West 37th St., between 8th and 9th Avenue. Estimated project cost is $90 million and debt and equity placements are nearing completion, a testament to the strength of the project and the development team in a difficult capital market.

The project is currently being contemplated as boutique hotel or a primary brand in the select service category. This will be Stonebridge’s first project in Manhattan. Kevin Mahoney, COO of Stonebridge, tells GlobeSt.com that the address of the site is 307-311 W. 37th St.

Mahoney explains that they will begin construction “by year end,” and expects to have construction completed in 2010. He tells GlobeSt.com that the total square footage of the hotel will be roughly 96,500 sf, noting that “the number of stories is still to be determined.”