Atalaya Capital Management recently closed a $250 million construction loan and a $65 million preferred equity investment to finance Flag Luxury Group’s development of The Ritz-Carlton’s new flagship hotel in New York City.
The property, located at the corner of 28th St. and Broadway in Manhattan’s NoMad neighborhood, is being constructed by Lend Lease. The project will be designed by architect Rafael Viñoly by working in collaboration with interior design firm Yabu Pushelberg.
Upon completion, the new Ritz-Carlton will be the prize hotel for Marriott in New York City, standing more than 550 feet tall, with a total of 266-keys, including 16 branded residences, 6,000 sq. ft. of meeting space, and a food and beverage program.
Construction is expected to be completed in late 2021.