Atria Builders

AtriaAtria Builders nears completion of a new Manhattan hotel. 

By Kat Zeman, Senior Editor at Knighthouse Media 

One of New York City’s largest redevelopment projects, Hudson Yards will alter the city’s skyline. The $20 billion planned development aims to expand Manhattan’s midtown business district westward to the Hudson River. 

Hudson Yards, targeted for completion by 2021, will consist of 16 new skyscrapers containing office, residential and retail spaces. The area also will see additional commercial office space, retail center, cafes, markets and bars, cultural space, residences and open space. Atria info box

Flushing, N.Y.-based Atria Builders is building a new high-end hotel that neighbors the Hudson Yards mega-project. “This whole area is being revamped,” says Andrew Pagnozzi, senior project manager. “Hudson Yards is changing the skyline and we’re thrilled the Courtyard is in such great proximity to this incredible development.”

A privately held commercial developer, Atria is nearing completion on a new $88 million Courtyard by Marriott Hotel at 34th Street and 10th Avenue on the West Side of Manhattan. 

Fancy Footwork 

The 29-story hotel, which broke ground in 2015, is targeted to open in the fourth quarter of 2018. Across the street, the Hudson Yards towers are under construction. The hotel is in a prime location, directly across the street from New York City’s first Neiman Marcus and one block from the 34th Street subway stop that services seven new local and express lines. 

It will feature 399 guest rooms, many of which will include majestic views of the Hudson River and the city. “The Courtyard by Marriott hotel includes marble, porcelain and high-end woodwork and finishes,” Pagnozzi says. “It will represent the Marriott brand well.” 

The 216,000-square-foot hotel is situated one block from the Jacob Javits Convention Center, which the hotel plans to service. The convention center, which is also undergoing a 1 million-square-foot addition that features new exhibition and event facilities, hosts more than 80 trade shows and 70 special events per year. It attracts more than 3.5 million visitors and most of them are from out of town and in need of accommodations.

“There are a several hotels in the area but none as close to Hudson Yards as our hotel,” Pagnozzi says. Aside from bordering Hudson Yards, the new hotel is within walking distance from Madison Square Garden, Times Square, Empire State Building and Pennsylvania Station. It’s a short drive from the World Trade Center redevelopment, Broadway, Rockefeller Center and the Metropolitan Museum of Art. 

The porcelain tile rainscreen-clad hotel has a fitness center, 1,700 square feet of meeting and event space and a bar and restaurant. “One of the unique features is a two-story-high living green wall in the bistro area,” Pagnozzi says. 

“The hotel has placed a strong focus on technology to accommodate the increasing demand from tech-savvy travelers,” he added. “High-rise buildings often experience dead zones so we have added cell phone repeaters to make sure every floor has service. Hardwire internet connections will be available as well.” 

Funding Partnership

The Marriott project has received funding from the federal EB-5 program, through which foreigners who invest at least $500,000 in American businesses can be granted a visa. 

Most of Atria’s projects receive this type of funding through a partnership with the Manhattan Regional Center (MRC). Approved as a designated EB-5 regional center by the United States Citizenship and Immigration Services, MRC manages a diverse portfolio of Manhattan and Greater New York City projects. 

It partners with some of the largest real estate developers, financers, construction and design teams in New York City and around the globe. 

The organization offers real estate investment opportunities in New York to foreigners while helping them obtain permanent green cards under the EB-5 Regional Center Program. It is staffed by real estate professionals with backgrounds in New York City’s real estate, planning, construction, government and law. 

MRC’s managing member, David Marx, is an attorney and real estate developer. He’s also the owner of Atria, which he founded in 1998. Aside from Marx, MRC’s key personnel each have more than 30 years of experience in each aspect of real estate development in New York City’s boroughs that spans a full spectrum of use including hospitality, health care, residential, institutional and governmental. 

Full Service 

Atria’s bread and butter has traditionally been building various healthcare and assisted-living facilities along with commercial and residential developments. However, the company started focusing on hotels in recent years. It differentiates itself from its competition through its ability to provide multiple services.  

“We are the construction manager, architect and developer,” Pagnozzi says. “We do everything in-house. It helps the projects flow better from the initial phase of development to construction and operation.” 

Last year, Atria broke ground on a 127,000-square-foot hotel near LaGuardia Airport, N.Y. The $33 million project is targeted for completion in March 2020. It will be an AC Hotel by Marriott. 

The AC Marriott brand is based on the vision of Spanish hotelier Antonio Catalan, who focused on catering to “a creative, entrepreneurial and modern global traveler who prefers to have fewer things, but expects them to be better than good,” according to the brand’s website. AC Marriott hotels are known their Euro-modern and open concept designs, abstract art and continental breakfast. 

Located on Astoria Boulevard in the Elmhurst neighborhood of Queens, the seven-story hotel is only two miles from the USTA National Tennis center and City Field, home of the New York Mets. 

In addition, it is less than a mile from LaGuardia Airport. Business travelers, tourists, and sports fans are expected to be the main source of revenue for the hotel. 

Aside from the AC Marriott near LaGuardia, Atria is in the development stages for a 42-story hotel on 37th Street and 11th Avenue, N.Y. “It’s also going to be a Marriot,” Pagnozzi says, adding that it has yet to be been determined what sort of Marriott it will be. 

The $106 million project is expected to break ground by the end of this year. It will take around three years to complete. 

SIDEBAR – A Lasting Legacy

Atria Builders was founded in 1998 by David E. Marx, an attorney and a real estate developer in New York City. During the last 30 years, Marx has developed properties valued at almost half-a-billion dollars, with many of these properties continuing to be owned and managed by his various real estate entities. 

In addition to Atria, Marx owns the architectural design firm DSM Design Group. As part of the Marx Development Group’s holdings, Marx owns the federally regulated HUD Mortgage Lender Rockhall Funding Corp. that has generated loans of more than $700 million. 

His real estate developments are quite diverse and include a wide spectrum of the marketplace. Developments include healthcare, assisted-living facilities, middle income to luxury residential complexes and educational institutions. 

Marx’s development endeavors have fostered long-lasting financing relationships in the public and private sectors. His projects are considered unique by most real estate development standards because Marx purchase the properties, has his firm design the architectural and structural aspects in-house, constructs the buildings using in-house management and certain labor trades and then manages the property. 

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