NEW YORK, N.Y. — The supertall tower rising at the edge of Times Square in New York has its hotel operator. Developer Extell and hotel giant Hyatt said this week that a StandardX hotel will fill the hotel portion of the Torch, a 1,067-foot building now under construction in Midtown Manhattan.
With about 1,800 rooms, the hotel would rank among the largest in New York City. It will carry the address 255 West 45th Street, while the full development is listed at 740 Eighth Avenue. StandardX is a pared-down offshoot of The Standard, which already runs hotels in the East Village and the Meatpacking District, and this will be the first StandardX in North America. The brand already has a flagship in Melbourne, Australia.
The Torch is planned as part hotel and part attraction. It will include an indoor free-fall ride, a rooftop pool, three observation decks with an outdoor deck more than 1,000 feet up, and a lineup of restaurants and bars. ODA designed the tower, and SLCE is the architect of record.
Crews have finished 40 of the 60 stories so far. The city Department of Buildings first issued permits for the project in 2022, and completion is expected in the second half of 2028. The tower is going up around three small low-rise buildings that stay in place.
Extell, led by Gary Barnett, has lined up the money to finish. Last month it closed a $1.1 billion construction loan from a bank group led by JPMorgan, plus a $150 million mezzanine loan. The hotel company will add $60 million in financing as part of a 40-year franchise agreement, and Extell projects the finished tower will produce $250 million to $270 million a year in stabilized net operating income.
Section: More New York NY business news
Filed under: New York NY Business News
