450 Eleventh Avenue
Update
03/04/24
Dev Lands $187.5M Loan for Hudson Yards Hotel Tower
Developer, , has obtained a $187.5 million construction loan for a 51-story hotel tower, going up at 450 Eleventh Avenue in Manhattan's Hudson Yards district. The loan was issued by Madison Realty Capital and Cerberus Capital Management.
The building stands topped out and general contractor, , has already installed a majority of the glass curtainwall.
The tower is set to become an Aloft-branded hotel, featuring rooms. A global subsidiary of Marriott International; Aloft is a rapidly growing name with over 200 locations spread across 5 continents. The chain caters to younger travelers by offering affordable prices and vibrant atmospheres. This latest development will open as Aloft's 7th New York City location and the first within walking distance of Midtown Manhattan.
The hotel will include a rooftop terrace, business facilities, a bar & restaurant, and a ballroom. Situated directly across the street from the Javitz Center, and two blocks from the Hudson Yards mega-development, this location will likely be marketed towards business travelers and convention-goers.
Designed by , the in-house architectural firm for , the tower stands feet tall and totals square feet. Build costs are expected to reach $368 million upon completion and work is expected to wrap up sometime before the end of the year.
