Lightstone Completes $175 Million Refinancing for Moxy East Village

Goldman Sachs Private Bank Provides Financing for the Recently Opened 286-Guest Room Hotel

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Dec 19, 2019, 15:00 ET

NEW YORK, Dec. 19, 2019 /PRNewswire/ -- National real estate investor and developer Lightstone announced today the closing of $175 million in financing from Goldman Sachs Private Bank for Moxy East Village, a 286-key Marriott-brand hotel on East 11th Street in the heart of Manhattan's East Village neighborhood. The hotel opened September 12, 2019 and is the third of five Lightstone-developed Moxy hotels to open in New York City.

The newly-constructed, 13-story hotel is a collaboration with leading interior design firm Rockwell Group with architecture by Stonehill Taylor. The design of the hotel is conceived as a vertical timeline, drawing inspiration from various periods in East Village history, from the earliest settlers to the punk era to today.

Moxy embraces the neighborhood's rebellious spirit while meeting the demands of today's travelers—all at an affordable price. Its design-driven bedrooms, co-working spaces, tech-savvy amenities, as well as lively restaurants, bars, and cultural programming, reflect the richly diverse fabric of the neighborhood.

Four new eating and drinking venues overseen by Tao Group Hospitality include Cathédrale, a French-Mediterranean restaurant from Chef Jason Hall; Little Sister, an underground lounge; the all-day Alphabet Bar & Cafe in the lobby; and a rooftop bar opening in Spring 2020. Cathédrale's soaring main dining room features a dramatic 26-foot, triple-height ceiling capped by a massive wire mesh sculpture, Fillmore, by Edoardo Tresoldi, that looks like the apparition of a grand domed ceiling.

"With few hotels around, the East Village hasn't really been accessible to visitors," says Mitchell Hochberg, President of Lightstone. "Our goal with Moxy East Village was to create a property that embraces the unique character of the East Village and its place in the history of American culture while defining what hospitality means in the neighborhood today. We're pleased to see guests, New Yorkers, and local partners embrace the hotel so quickly, creating a true sense of community."

Moxy East Village is Lightstone's third Moxy hotel to launch in New York City, following the successful openings of Moxy Chelsea and Moxy Times Square. Lightstone's Moxy portfolio continues to grow, with four additional Moxy properties in development. Moxy South Beach, set to open on Miami Beach in 2020, will mark Lightstone's first Moxy outside of New York. Other hotels in development include Moxy Lower East Side and Moxy Williamsburg in New York, and a Moxy and an AC Hotel in Downtown Los Angeles.

ABOUT LIGHTSTONE:
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 27 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 139 existing properties, Lightstone's over $6.5 billion portfolio currently includes over 2.9 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and over 4,100 hotel keys.

SOURCE Lightstone