The development company that has plans for the land at 125th and Lenox to build a Hyatt Place hotel is in the last leg of trying to find the remaining financing for the $81 million project which has stalled because of the economic climate. Estimated ground breaking dates have gone by in the past and Mr. Morris refused to confirm that the development might happen by the third quarter of this year. As for the Whole Foods that was reportedly attached to the project, that retailer is no longer in the picture but another notable grocery chain "at a good price point" is now in the picture alongside other interested national retailers. Lastly, the Harlem YMCA had plans on moving into the new development but that no longer seems to be the case. More in DNAinfo: LINK
I am so confused ...
ReplyDeleteSecond that. Basically, they are going ahead if the economy improves, but may not this year if it doesn't, yet they are definitely going ahead at some point.
ReplyDeleteIt's been pointed out that the land appears not to have been sold and seems to be on hold for this particular project. Based on an article from theUptowner.com last year, the breakdown of costs are as below:
ReplyDelete"A Capital Resource Corporation cost/benefit analysis states that Esmith’s project will cost close to $81 million. The hotel development costs alone will reach almost $56 million, the document states, including approximately $10 million for land acquisition, $26 million in construction costs, $53.3 million in furnishing and opening costs, and $16.3 million “in fees, soft costs and reserves”. The development’s retail and community uses will cost about $25 million and will be financed privately, according to the document."
Mr. Morris and his partners really need to break down and call up Steven Roth (if they haven't already).
ReplyDeleteThey may not get the economic terms they'd like to imagine, but they'll do well (and the whole project will rapidly get a lot less imaginary).