X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Following its announcement earlier this week that it was franchising two new Hersha Development properties in Manhattan, Hyatt Hotels Corp. said late Tuesday it’s forming a joint venture with Extell Development Corp. on a new luxury property. Park Hyatt New York will be located within Extell’s forthcoming Carnegie 57, a 90-story mixed-use tower going up at 157 W. 57th St.

The JV between a Hyatt subsidiary and Extell will acquire the hotel upon its completion, subject to reaching certain contractual milestones, according to a release from both companies. With a design by Christian de Portzamparc, the 210-key hotel will include meeting facilities, a ballroom, a spa, fitness center and indoor pool as well as 5,000 square feet of retail. Carnegie 57 will also include 135 high-end condominiums.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.