NEW YORK CITY-Construction began recently on a 30-story Hyatt House development in Chelsea.
Lexin Capital has started work at the project at 101 West 28th St. (also known as 815 Sixth Ave.), which when completed, will be the city's first extended stay Hyatt property. The project will feature 150 rooms and 2,000 square feet of retail space, according to The Real Deal. Construction on the Hyatt House is expected to be finished by 2015.
“We thought about developing it into rentals or condos, but we changed our minds after Jones Lang LaSalle did a study for us on supply-and-demand characteristics,” Lexin Capital President Metin Negrin said. “We decided an extended-stay hotel would be good for the long term.”
Lexin Capital purchased a note on the then-foreclosed property in 2011. The firm received $45 million in financing recently from the Bank of East Asia and New Jersey-based Fifth Third Bank. Jared Kelso of Cushman & Wakefield represented Lexin in the transaction. See story in The Real Deal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.