Atlas and Fortuna Receive $40M Construction Loan for FiDi Hotel

Atlas Hospitality and Fortuna Realty are building a luxury hotel on Water Street in Lower Manhattan.

120 – 122 Water St./ Google Maps

NEW YORK CITY—Fortuna Realty Group is building yet another hotel. Teaming up with Atlas Hospitality, the partnership secured a $40 million construction loan from Bank America Merrill Lynch to develop a 128-key luxury, boutique hotel. This one’s at 120 – 122 Water St. in Manhattan’s Financial District. Fortuna, which has made a name for itself in the hotel industry, will develop and manage the 26-story, upscale lodging that’s anticipated to open in 2020.

Located near the South Street Seaport, the hotel will include a high-end restaurant on the ground floor and double-deck indoor and outdoor rooftop space with views of Lower Manhattan.

Morris Moinian, principal and founder of Fortuna Realty Group

Morris Moinian, principal and founder of Fortuna, is part of the Moinian real estate family. His brother, Joseph Moinian, founded the Moinian Group and their father was also a real estate developer. Morris had taken a deep dive into the luxury hotel sector. He developed the Hotel Hugo at 525 Greenwich St. and is building the 176-room Hotel Hendricks at 25 W. 38th St. Morris is converting the Pan American Magazine Building at 1150 Sixth Ave. into a 41-story hotel. In addition, his portfolio includes Hotel Henri and Hotel Hayden, both in Chelsea, and the Garden City Hotel on Long Island.

Balram Kakkar, a principal of Atlas, founded Panam Mortgage. Panam has been actively investing in multifamily and retail assets around the country for the past 25 years. It has originated over $2 billion dollars in loans. Another principal at Atlas, Raj Guru, co-developed the Staybridge Hotel in Times Square at 340 W. 40th St. Atlas is also working on a David Rockwell-designed, luxury, boutique hotel in Hell’s Kitchen at 305 W. 48th St.