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NYIF Knickerbocker Hotel, LLC (“NKH”), a New York limited liability company, has been formed to invest in a project with sponsors from the New York Immigration Fund Regional Center (“NYIFund”). NKH intends to provide preferred equity financing to be used for redeveloping a vacant hotel condominium unit of a building into an upper-upscale/luxury independent hotel. The Project is owned by a joint-venture partnership between affiliates of FelCor Lodging Trust Incorporated (“FelCor”) and Highgate Holdings, L.P. (“Highgate”). An affiliate of Highgate will manage the hotel when the project is complete. The Project is located on the corner of 42nd Street and Broadway in the heart of Times Square in New York City.
The Project contemplates redeveloping an existing landmarked 15-story condominium unit into a 4½ star independent boutique hotel. When complete, the hotel will consist of 330 guestrooms on twelve floors, a ground floor reception area with access from both Broadway Avenue and 42nd Street, in addition to a restaurant, bar, lounge, approximately 2,000 square feet of meeting area, and a fitness center, all of which will be located on the fourth floor of the building. The hotel will also have a rooftop lounge featuring an indoor/outdoor bar overlooking Times Square. The Hotel will have its main entrance on the iconic 42nd Street, where the elevators will take guests to the fourth floor sky lobby which will feature remarkable views of Times Square.
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