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NEW YORK CITY-The developers of a Midtown hotel/condominium project will commemorate the final phase of construction at a ceremony to be held at the site later today. Mitchel Maidman’s Townhouse Management Co. and multinational real estate firm Pine Equity NY Inc. will celebrate the topping off of the Aurora, the first Ground-up corporate-housing development for Marriott/ExecuStay.

The property is a strategic milestone for ExecuStay, which has focused its energies on consolidating its assets in major markets with high demand. Located at 554 Third Ave., between 36th and 37th streets, the 32-story, mixed-use property will include 25 stories of corporate rental apartments. The top seven stories will comprise loft-style floor-through condominium apartments with a price tag of $4 million each.

The corporate apartments will be ready for occupancy this fall, while the condo units are being marketed by Bellmarc Realty for winter 2003 delivery.

Marriott International acquired ExecuStay in March 1999, giving the hotel chain a share of the $2-billion temporary housing industry. Marriott/ExecuStay provides approximately 200 US locations for travelers who require stays of 30 days or more.

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