Ground Breaks on $500M Ritz-Carlton in NYC
- Sep 06, 2018
Construction of The Ritz-Carlton New York, NoMad has officially gotten underway in Manhattan. Marriott International Inc. and Flag Luxury Group recently broke ground on the 250-key hotel, which will also feature 16 branded residences.
Carrying the address of 1185 Broadway, The Ritz-Carlton NoMad will stand more than 500 feet above the streets of the increasingly coveted NoMad area. Marriott expects the development to be a centerpiece of the neighborhood.
“We think now is the perfect time for this landmark project,” Tim Grisius, global real estate officer with Marriott International Inc., told Commercial Property Executive. “New York’s NoMad neighborhood is one of Manhattan’s fastest-growing centers for creative and tech firms, and a hotspot for travelers and locals alike with a fascinating blend of architecture, shopping, restaurants and nightlife. It’s the type of vibrant destination that Ritz-Carlton customers worldwide will increasingly seek out.”
Renowned architect Rafael Viñoly designed the posh lodging destination, which, true to the Ritz-Carlton brand, will feature a host of sought-after amenities. Among the offerings are a rooftop bar; a signature Ritz-Carlton Spa and fitness center; and a 3,000-square-foot outdoor terrace to accommodate the rising demand in the area for social gathering spots and corporate events space.
“This property will bring a fresh, modern approach to luxury to a part of Manhattan that’s craving this type of product and service,” added Grisius.
Come visit, come stay
With 16 residential units, The Ritz-Carlton NoMad will also respond to an intensifying cry for branded residences, which, as Marriott notes, is the result of a convergence of evolving global demographics and a growing attraction to a lifestyle best served by walkable, mixed-use communities. “We’re seeing elevated demand for branded residences around the world, and NoMad is a prime example,” Grisius said.
Marriott is the largest branded residential company in the lodging sector, and locations flying the Ritz-Carlton flag attract more buyers than any of the hotel giant’s other branded residential properties.
The residences and guestrooms at Ritz-Carlton NoMad are scheduled to debut in 2021. Lend Lease is the general contractor on the project, which is being financed, in part, with a $250 million senior construction loan and a $65 million preferred equity investment announced by Flag in July.
Image courtesy of Marriott International