The first renderings have been revealed for Morris Moinian’s Fortuna Realty Group’s new hotel currently under construction in midtown Manhattan.
The new hotel is located at the site of the 100 year old Pan American Magazine Building at 1150 Sixth Avenue, between 44th and 45th Streets, which Fortuna acquired in 2012 for $39 million.
The new 37 story, 400 room, luxury Hyatt hotel will have a mid-century inspired structure. Its first few floors have been designed to match the style of its neighboring buildings and include six two and a half story high narrow arches. The rest of the tower will be set back from the street.
The project is expected to cost $140 million.
While New York Yimby has reported that groundbreaking on the project is expected to come in 2015, no permits have yet been received for the demolition of the old building.
Moinian told Hotels Magazine back in February, “We have collected air rights and are preparing to design and build a 40- to 50-story tower with a 400-room luxury hotel. The brand direction is unknown, but we will likely work with a well-known brand.”
The hotel will neighbor other new projects such as, Extell’s International Gem Tower at 50 West 47th Street and another new Hyatt at 135 West 45th Street.