NEW YORK | 790 7th Avenue | 595 FT | 46 FLOORS

[matt19215]

Most recent article on the property

https://therealdeal.com/2018/07/20/qatari-firm-lands-290m-loan-for-times-square-hotel/

[Hudson11]

Originally Posted by JMKeynes

That's amazing. I thought that their latest plan was to just renovate this piece of garbage.

Can you post the article? The link doesn't say anything.

something in my brain is trying to recollect a report somewhere that you might be right, but I can't seem to find it.

https://www.hotelmanagement.net/transact...-company-secures-503m-loans-for-3-hotels

Qatar-based Al Rayyan Tourism Investment Company has refinanced its debt on three U.S. hotels to the tune of $503 million.

[...]

“Our strategy is focused on increasing the value of our hotel portfolio by improving operational efficiency and quality of service while enhancing and developing the properties we acquire to optimize and build new revenue streams,” said Tarek M. El Sayed, managing director and CEO of the Al Rayyan Tourism Investment Company (ARTIC), in a statement. “The refinancing announced today reflects the quality of our asset base and further reduces our financing costs as we execute on that strategy.”

[...]

Among other plans, the investment company is finalizing plans for a mixed-use tower to take the place of the current Manhattan at Times Square Hotel. Once redeveloped, the nearly 1,500-foot-tall building will include 250 hotel rooms and 150 condominium residences. ARTIC will continue to operate the hotel on an as-is basis while the plans are in development.

[chris08876]

^^^^^

Here is a press release from a few years ago: https://www.zawya.com/mena/en/press-rele...ip_W_hotel_New_York-ZAWYA20150906060947/

05 September 2015

Doha, Qatar - Al Rayyan Tourism and Investment Company ("ARTIC"), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar's largest private diversified industry groups, today announced that The Manhattan at Times Square Hotel in New York (which ARTIC acquired in 2014) is to become a W hotel.

ARTIC has signed a Memorandum of Understanding with Starwood Hotels & Resorts, one of the world's leading hotel and leisure companies, which will see Starwood take over the management of The Manhattan at Times Square Hotel. Under the MoU, ARTIC is fully renovating the Hotel, complying with Starwood's exacting specifications for the W brand. The renovation and conversion programme is expected to be completed by the end of 2017 and see an investment of some US$250million. On completion, the Hotel will become a W hotel, meeting strong demand in the city for the W's chic, contemporary design and high quality service.

Built in 1962, the hotel is located at the heart of Mid-Town and combines the age-old glamour of New York and classic Art Deco detailing with a coveted Times Square location. The 22 storey property currently features 689 rooms and suites, commercial space and is within easy reach of numerous New York landmarks. The Hotel covers an entire block of 44,100sqm and is situated at 790 Seventh Avenue.

H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC, commented: "ARTIC's renovation and rebranding of this prime New York hotel under the iconic W brand is in line with our strategy of adding value to high quality assets in premium locations. We have developed a strong relationship with Starwood Hotels & Resorts in recent years and I am pleased to announce this latest agreement which further extends our collaboration with them. The US is a key market for us and I am confident that we will invest in more hotels there as we further enhance ARTIC's portfolio of premium hotels and move towards a flotation of the Company on one of the international stock exchanges."

Mr. Tarek M. El Sayed, Executive Board Member, said: "When we acquired The Manhattan at Times Square Hotel last year we said that we were planning a major renovation and for the Hotel to be managed by a leading international hotel company. Today's announcement marks the next stage in that process and it also reflects our commitment to increase the value of our assets. We look forward to further enhancing our US presence as more opportunities arise."

[chris08876]

Originally Posted by matt19215

Most recent article on the property

https://therealdeal.com/2018/07/20/qatari-firm-lands-290m-loan-for-times-square-hotel/

I think the 900k sf tower was rumored and just that, as stated in the article. Currently its still a hotel. I believe they had a lobby renovation.

[Hudson11]

Originally Posted by chris08876

I think the 900k sf tower was rumored and just that, as stated in the article. Currently its still a hotel. I believe they had a lobby renovation.

the reports of the 1500' mixed use tower are more recent. The renderings are from 2014 and are what Shvo would have built. I remember Nikolai Fedak teasing us about it a few years ago. Instead of Shvo, the Qataris own it and they plan to redevelop it eventually, and the height figure is recent. They're probably biding their time observing the ebbs and flows of the ultra luxury market. Vornado is doing the same with the Penn Hotel, but for the office market.

[matt19215]

Originally Posted by Hudson11

Nope, the reports of the 1500' mixed use tower are more recent. They're probably biding their time observing the ebbs and flows of the ultra luxury market.

Most likely

i doubt the reason we have heard anything recently is because they are waiting for the next cycle, since sales in the market are sluggish

I have a feeling that the supertall boom has yet to truly begin...

[JMKeynes]

That tower would have been a real "Shvo Stopper"!

[chris08876]

I can feel confident with that. Shvo not taking charge,

Let's hope!

Another 1,500' tower is just what the doctor ordered.

[NYguy]

Originally Posted by PeterQM

SHVO's supertall bid for the site in 2014. Looks like it was over 1,400 feet. Though ARTIC won the bid, this shows the site's potential.








More videos and images here:
https://www.instagram.com/p/BxLtX3vndH3/
http://www.studiodror.com/for/790-seventh-avenue/
https://vimeo.com/218544177


Latest news from last year...

Qatari firm lands $290M loan for Times Square hotel
Mack Real Estate is the lender
https://therealdeal.com/2018/07/20/qatari-firm-lands-290m-loan-for-times-square-hotel/

That would have been very in tune with the area.

[chris08876]

Originally Posted by Hudson11

the reports of the 1500' mixed use tower are more recent. The renderings are from 2014 and are what Shvo would have built. I remember Nikolai Fedak teasing us about it a few years ago. Instead of Shvo, the Qataris own it and they plan to redevelop it eventually, and the height figure is recent. They're probably biding their time observing the ebbs and flows of the ultra luxury market. Vornado is doing the same with the Penn Hotel, but for the office market.

Good stuff with the Quataris. I believe they are investing something along 30-40 billion in the U.S. come the next few years, and some of that will be coming here. Future is looking tall!

https://www.bloomberg.com/news/articles/...n-5-6-billion-manhattan-retail-portfolio

Edit: 45 billion. Even better


= = = = =


Qatar Fund Buys Chunk of $5.6 Billion Manhattan Portfolio

Qatar is betting big on some prime retail on Fifth Avenue and Times Square.

Vornado Realty Trust sold almost half of a $5.6 billion collection of Manhattan properties to Qatar’s sovereign wealth fund and Crown Acquisitions Inc. The portfolio includes blocks home to brands from Disney to Salvatore Ferragamo, according to a joint statement Friday from the buyers. They will each acquire stakes of about 24 percent.

Qatar has built up a succession of trophy assets around the globe including London’s Shard, the tallest building in western Europe. The Middle Eastern kingdom ultimately wants to boost its U.S. investments to $45 billion to better balance its holdings, suggesting there’ll be more to come after the Vornado deal.

“This investment underlines QIA’s ambition to substantially increase our U.S. investments over the coming years, and our belief in the exciting long-term possibilities offered by New York City,” Mansoor bin Ebrahim Al-Mahmoud, QIA’s chief executive officer, said in the statement.

[Zerton]

This era is crazy. Remember ten years ago when we'd get crazy excited for a 600 footer haha.

[Eidolon]

Now this is a tower with an interesting base! Makes me think back to 666 5th Avenue, which is probably going to be resurface when the stars are right.

[NYguy]

Video Link

[chris08876]

Originally Posted by Eidolon

Now this is a tower with an interesting base! Makes me think back to 666 5th Avenue, which is probably going to be resurface when the stars are right.

I'm looking forward to what may occur to Park Lane. Arguably one of the best parcels near Central Park. I hope its the next CPT in the making when the time is right.

[Mulan]

[Mulan]

https://www.cbsnews.com/news/saudi-arabia-600-billion-us-next-4-years-mohammed-bin-salman-trump/

New Renderings:

https://www.cnygroup.com/portfolio/790-7th-avenue/

[ChiND]

Apparently, this dates back to 2020. The “design” is disappointing, but anything is an improvement over the garbage that’s presently there. I’m shocked that the Qataris are not developing this disgusting property.

https://www.cnygroup.com/portfolio/790-7th-avenue/#lg=1&slide=1

[NYguy]

Originally Posted by ChiND

Assuming that this is accurate, the “design” is disappointing, but anything is an improvement over the garbage that’s presently there.

https://www.cnygroup.com/portfolio/790-7th-avenue/#lg=1&slide=1

Approximately 626,000 SF mixed-use development project located at 790 Seventh Avenue in New York City.

Plans for the project include new façade finishes, new ground floor hotel lobby, parking at the sub-cellar, retail spaces, restaurant, landscaped terraces, and roof top bar.

The program also includes the addition of a new 595’ tall, 46 story tower.

The new tower will have 20 commercial space floors (offices) at the lower portion of it, floors 5 through 26 will have a separate lobby on the ground floor.

There will also be 19 residential rental floors at the upper portion of the tower and floors 28 through 45, including an amenity space with a terrace on 46th floor.

The existing parking space floor area at the podium is being repurposed to accommodate the new program and uses.

[ChiND]

It looks like they're doing basically nothing. The owners are incompetent.



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