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Marriott at New York University – Introduction   (New)
WALL STREET TOWER, A 60-STORY LUXURY
CONDOMINIUM MASTERPIECE IN THE
HEART OF NEW YORK CITY
BUILDING SPECIFICS
Location: 112 East 11th Street, Manhattan
Height: 13-story, with rooftop
Units: 285 rooms
Building Size: 11,145 square meters
EB-5 Financing Stucture: Loan
Developer Lightstone Group
Project Status: Under development
THE MOST CONVENIENT LOCATION
FOR LIVING IN MANHATTAN
Marriott at New York University is centrally located on the New York University campus, and is walking distance to New York City’s top tourist destinations. Union Square, SoHo, and Chinatown are just minutes away.
 
The central location also offers shopping at premier stores, boutiques and dining at leading five star restaurants.
 
Hotel advantages are as follow:
A
Forbes BILLIONAIRES 2017
2760776c6fa61b1ccd27dd8eae3e6e5d
Lightstone Chairman,
David Lichtenstein
 
Lightstone Founded in 1988, Lightstone is one of the most highly regarded and diversified real estatecompanies in the United States.
 
The senior members of Lightstone’s development team have been directly responsible for thedevelopment and construction of more than 270,000 square meters of residential projects in New York City.
 
Founder David Lichtenstein has grown lightstone into one of the largest real estate companies in the USA with over $2.6billion in assets.
LIGHTSTONE ENTERPRISES GRANTED TOP
CREDIT RATINGS OF A+ AND A1 FROM
STANDARD & POOR’S AND MOODY’S
FOR TWO CONSECUTIVE YEARS
Moody’s and Standard & Poor’s are the leading firms responsible for evaluating the financial strength of companies. They are independent and perform extensive research.
Over $600 million invested by 10,000 investors in real affiliated with Lightstone.
The top global loging company with Premier Restaurant & Bar Operator
 
 
Marriott’s acquisition of Starwood Hotels makes it the largest hotel company in the world with 1.1 millon rooms across over 6,000 hotels in over 120 countries.
 
THe hotel industry’s most admired and largest loyalty program with over 100 millions members.
 
The restaurant and bars at Marriott at New York University will be operated by Tao Group, one of the most profitable restaurant operators with 16 venues across the world.
 
TAO operates four of the top ten most profitable restaurants in the US.
 
 
 
 
 
 
 
D
E
Regional Center
Lightstone New York Regional Center, LLC
Eb-5 Company
LG FUND IV LLC
Borrower
US-DEV Holdings LLC
Parent Company of Eb-5 Company and Project Company
US-DEV Holdings II LLC
(owned and controlled by David Lichtenstein, who directly and indirectly controls The Lightstone Group, LLC)
I-924 approval Application was submitted.
Developer
Founded in 1988, Lightstone is the largest real estate companies in the US with over $2.4 billion assets and has been selected as most active property developer in New York in 2014 by the famous US Real Estate magazine – The Real Deal. Among the diversified real estate projects are over 10,000 residential units and 575,000 square meters commercial properties in the United States. Lightstone’ headquarter is located in New York Manhattan and its assets are spread over 23 states in the US. Lightstone was granted top credit ratings of A+ and A1 from Standard & Poor’s and Moody’s between 2014 and 2016, which is the same rating as Bank of China.
 
EB-5 projects of Lightstone:
 
Liberty Gardens I: located in Brooklyn New York. Construction work was completed in March 2016 and 100% leased. I-526 petitions have been granted.
 
Liberty Gardens II: The project is located in long island city, New York and is under construction. The building is estimated to be completed in December 2017. I-526 petitions have been granted
 
Liberty Gardens III: The project is located near Wall Street New York and is under construction. The building is estimated to be completed in December 2019. I-924 has been granted to the project.
 
 
Project Descriptions                                                                                                                                                                                                                                                                                                               
Marriot at New York University (The “Hotel”) is a special investment by Marriott International, which is the top global lodging company. Marriott’s acquisition of Starwood Hotels makes it the largest hotel company in the world with 1.1 million rooms across over 6,000 hotels in over 120 countries. Marriott is the hotel industry’s most admired and largest loyalty program with over 100 million members.
 
Marriot at New York University is located at112 East 11th Street, Manhattan. Centrally located on the New York University campus, the hotel is walking distance to New York City’s top tourist destinations. Union Square, SoHo, and Chinatown are just minutes away. The central location also offers shopping at premier stores, boutiques and dining at leading five star restaurants.
 
The building size of the hotel is 119,969 SF (11,145 sm2), and the hotel has 285 rooms, 13-stories with the rooftop bar operated by TAO Group, Guest rooms at 3-12 floors, Guest rooms and fitness center at the 2nd floor, hotel public space and restaurant entrance at the ground floor and TAO restaurant entrance at the lower ground.
 
The restaurant and rooftop bar will be operated by TAO group, one of the most profitable restaurant groups in the United States with 16 venues across the world. TAO Operates four of the top ten most profitable restaurant in the US.
Project total costs               
US$ 192,700,000
Lightstone Capital
Marriott Investment
US$ 46,800,000                          <24%>
US$   4,000,000                            <2%>
Construction Loan
US$ 106,900,000                          <56%>
EB-5 Loan
US$ 350,000,000                          <18%>
EB-5 investment per unit US$ 500,000
Collectively known as Subscription Proceeds
(US$ 550,000)
Issue Fee US$ 50,000                                          
Investment return
0.25% per annum (estimated)
Term of EB-5 Loan
5 years (EB-5 Maturity Date December 2022 , with 2 one-year-extensions)
Number of investors 70 ( 110 at most )
Job requirements
700 ( 1,100 at most )
Job creation
1,690  <140% buffer > ( 54% buffer at least )
Release of Escrowed Funds to the Limited Partnership
70% of the funds will be released upon submission of I-526 and receipt of I-797;
30% of the funds will be released upon approval of I-526 petition.
In case of I-526 Petition Denial
1.Full refund of $500,000 contributed by such Limited Partner;
2.Issue fee of $50,000 will be fully refunded (except the I-526 Petition Denial is due to personal reason or withdrawal of the applicant).
Source of Fund for loan Repayment
Refinance or Sale of condominium units.
Completion guaranty
Personal guarantee from the CEO of Lightstone enterprise, David Lichtenstein.
Construction Completion Date
The building will be completed in November 2019.
 
Note: This document is for reference only, all terms are subject to written contract.