Ackerman of Eastern Union arranges $3.75 million for Marx Development

Real estate investor David Marx of Marx Development Group has released plans to build a 126-key property, AC Hotel by Marriott, two miles from LaGuardia Airport and half a mile from Citi Field. "The project is expected to break ground in October," Marx said. The first portion of the construction bill was arranged in the form of a $3.75 million loan to purchase a 16,141 s/f lot which will be future site of the hotel. Shaya Ackerman of Eastern Union Funding brokered an 18-month bridge loan provided by Maxim Capital Group. Designed by DSM Design Group together with Andres Escobar, an interior designer, the AC by Marriott LaGuardia will span 99,000 s/f, six stories above grade, with 3,800 s/f of meeting space, fitness and business centers, a breakfast area, bar and lounge, and 72 parking spaces. "Shaya worked tirelessly to ensure we obtained the necessary funding to close on this land, and his ability to understand and structure loans makes him the go-to guy to facilitate the construction financing," Marx said. "We are extremely excited to be closer-than-ever to breaking ground for this project, which is situated in a thriving part of New York City." Demand for the hotel, which will be located at 112-24 Astoria Blvd. and 112th place, is also expected from out-of-town fans and team personnel from nearby Citi Field. Marx has 28 years of experience commercial real estate development and construction. His company, Marx Development Group, oversees more than two million square feet of building space valued at $350 million in New York City. "After targeting the healthcare, residential and office sectors, we're now focusing heavily on hotels and the hospitality industry," Marx said. His inaugural push into the hotel arena began last year, with construction underway for a 399-key Marriott Courtyard hotel in Hudson Yards. Additionally, negotiations are currently taking place for a 438-key hotel directly across the street from the Jacob Javits Center, located at the southeast corner of 37th St. and 11th Ave. Construction for the AC by Marriott LaGuardia begins as demand for airport-lodging grows. A multibillion dollar makeover is in the pipeline for the central terminal at LaGuardia Airport. Concurrently, passenger movement at the airport is increasing at a compound annual growth rate of 1.6 percent, translating into more passengers and flight crew personnel requiring nearby accommodations in a currently underserved hotel market. Marx describes the AC Hotels by Marriot brand as a cutting edge arm of the well-known hotel chain - highly stylized accommodations designed meeting the current needs of the business traveler.