Finally, there’s some action at the long-stalled development site on Midtown’s Sixth Avenue.
Morris Moinian’s Fortuna Realty demolished an eight-story building at 1150 Sixth Ave., positioned between West 44th and 45th streets, more than a decade ago, but plans for a hotel never materialized.
Recently, posters from the Department of Buildings appeared on the plywood surrounding the site, indicating the arrival of “construction equipment” and outlining plans for a new 41-story hotel set for completion in September 2029.
The construction filing from Flintlock Construction includes a new rendering from architects Stonehill Taylor, quite different from an earlier design by Ismael Leyva.
The continued emptiness of this site has puzzled those in the real estate world—it’s a vacant lot wedged between two large buildings in a bustling area of Sixth Avenue, where office occupancy is nearly full.
Moinian had leased the site to a “shopping court” until just before the pandemic but ended that lease when he appeared ready to proceed with the hotel. However, in 2020, he decided to pause the project, citing his firm’s full plate with other projects.
The renewed development plan comes on the heels of a report from state Comptroller Thomas DiNapoli in July, which highlighted a robust hotel market in New York City, boasting the highest occupancy rates, room rates, and revenue per available room in the nation. Though the numbers still lag slightly behind pre-pandemic levels—primarily due to fewer international visitors—they reflect a positive trend.
Attempts to reach anyone involved with the project at 1150 Sixth Ave. weren’t immediately successful. Furthermore, detailed filings were absent from the Department of Buildings’ website, despite the visible documents at the site.
Moinian acquired the property for about $39 million back in 2011. He enlisted a team from JLL, led by Bob Knakal, to find a buyer for the site in 2020, but no sales occurred. Knakal noted then that the property could potentially go for up to $100 million, which translates to over $600 per square foot.
Fortuna Realty, known for its hotel developments, has also completed projects like the Dylan and Indigo hotels in Manhattan, as well as the Garden City Hotel in Nassau County.
It’s worth noting that Fortuna Realty is distinct from Joseph Moinian’s Moinian Group, which focuses on office and residential property development and management.
