(NEW YORK, NY)— The Renaissance by Marriot is the first hotel built in Harlem in 85 years, it’s currently labeled as the tallest structure in Harlem. The base of the new building will be the historic jewel known as the Victoria Theater, adjacent to the 26 story hotel will be an “affordable” 27 story residential tower.
Aufgang Architects are responsible for designing both the hotel and residential buildings, according to Curbed, the hotel features 210 rooms and a 5,000 square-foot ballroom. The adjacent tower will contain 191 units 90 of which will be set aside for rent-stabilized apartments. This new development cost $178 million to construct and the developers Exact Capital Group and Lam Group are seeking out an opportunity zone investor.
According to Curbed, Marcus & Millichap ( Marketer) will conduct an investment round for the project and has apparently released a notice stating the objectives and terms of investment regarding the project. An investment in the project for this year would essentially provide the new owners with a cutback in this year’s taxes.
233 West 125th street is located near the historic Apollo Theater and NY’s first civil rights museum.