Long-Dormant Midtown Development Site Springs to Life
A hotel project stalled for over a decade at 1150 Sixth Avenue is moving forward with new plans and a projected completion date.
After more than a dozen years of inactivity, the development site at 1150 Sixth Avenue in Midtown Manhattan is showing signs of life. Morris Moinian’s Fortuna Realty, which acquired the property more than a decade ago, has posted new Department of Buildings posters indicating the proposed construction of a 41-story hotel.
The site, located between West 44th and 45th streets, was cleared of an eight-story building over twelve years ago, but a planned hotel development was never realized. The new posters herald the arrival of construction equipment and outline a projected completion date of September 2029 for the proposed hotel.
Flintlock Construction has filed plans for the tower, which features a rendering by architects Stonehill Taylor. This design differs from an earlier concept by Ismael Leyva. The prolonged vacancy of the prominent Sixth Avenue lot has long puzzled industry observers, especially given the high occupancy rates in the surrounding office buildings.
Fortuna Realty had previously leased the site as a “shopping court” until shortly before the COVID-19 pandemic. The lease was terminated as Moinian’s company prepared to proceed with hotel development. However, the project was put on hold in 2020, with Moinian citing other business priorities at the time.
The renewed development effort coincides with a strong New York City hotel market. A July report from State Comptroller Thomas DiNapoli highlighted robust performance, with the city leading the nation in hotel occupancy, room rates, and revenue per available room, though still slightly below pre-pandemic levels due to a decrease in international travelers.
While Department of Buildings posters are visible at the site, detailed project filings were not immediately available on the department’s website. Representatives for the involved parties could not be reached for immediate comment.
Moinian purchased the 1150 Sixth Avenue property for $39 million in 2011. In 2020, he engaged a JLL team led by Bob Knakal to market the site, with an estimated value at the time reaching up to $100 million, or over $600 per square foot. No sale was completed.
Fortuna Realty, known for its hotel developments, has previously been involved with properties such as the Dylan and Indigo hotels in Manhattan, and the Garden City Hotel in Nassau County. The company is distinct from Joseph Moinian's Moinian Group, which focuses on office and residential real estate.