A partnership between Caspi Development, Mactaggart Family & Partners LP and Barone Management LLC celebrated the official ground breaking today of their new project, an eight-story, 94,000-square-foot luxury hotel located in the heart of the Tribeca North Historic District at 456 Greenwich Street.

The new hotel—scheduled to open in 2020—runs the entire length of Desbrosses Street between Greenwich and Washington Streets, one block east of the Hudson River. The luxury offering will feature: 96 opulently appointed guestrooms and suites; six full-service food and beverage venues; a 1,500-square-foot interior courtyard; a lavish, decadent, full-service spa; meeting space; and the largest screening room in Lower Manhattan.

Plans also call for an oversized gym, guest-only rooftop day pool, and the possibility of a private member club.

Ownership has signed an agreement with an international hotel operator, with a formal announcement to follow in 2018.

The location for this new project was a key for all of the partners, as Tribeca has seen an incredible demand for luxury hotels as a complement to the office, retail, and residential explosion in the area.

“Combining its historic roots with an extraordinary influx of development and investment, Tribeca continues to be one of the most charming and sought-after neighborhoods in the entire city,” said Joshua Caspi, Principal of Caspi Development. “I want to thank Mactaggart Family & Partners and Barone Management, as together we officially begin construction of 456 Greenwich, adding an exciting ultra-luxury hotel to a remarkable neighborhood.”

“We are very excited to be breaking ground today on what will hopefully be one of New York’s landmark five-star hotels,” said Ivaylo Ninov, Managing Director of Mactaggart Family & Partners LP. “We saw a gap in the ultra-luxury hotel space market, both from a location and programming point of view. We are fortunate that we had the opportunity to acquire one of the premier development sites downtown.”

AECOM Tishman is handling construction management for 456 Greenwich Street, while Lehrer LLC is serving as the owner’s advisor. AECOM Tishman most recently delivered the Baccarat Hotel & Residences on West 53rd Street, the Four Seasons hotel in Lower Manhattan, while members of the Lehrer team worked on the Baccarat and the Four Seasons Surf Club in Miami, FL.

The project team on 456 Greenwich also includes interior designer Martin Brudnizki and architect Stephen B. Jacobs.

About Caspi Development

Caspi Development is a leader in the ownership, management and development of residential and commercial real estate across the New York metropolitan area. With deep expertise in identifying and developing properties with untapped potential, Caspi’s family-owned, hands-on approach to all projects is key to its success. The company’s three-generation pedigree translates into nearly a half-century of industry knowledge.

Headquartered in White Plains, NY, Caspi owns properties throughout Westchester, Manhattan, Brooklyn, the Bronx, Queens and Long Island.

About Mactaggart Family & Partners LP

Mactaggart Family & Partners traces its origins to 1896 in Glasgow, Scotland. Historically, the principal activities of the company comprised the development and management of residential units in Glasgow, Fulham, St John’s Wood and Mayfair in London. The company opened its New York office in 1981. It has acquired and developed over two million square feet of office, retail and hotel real estate and over 8,000 residential units in New York and throughout the United Kingdom. Mactaggart Family & Partners is still wholly-owned by the founding family, now in its fifth generation.

Firmly footed in both New York and London, the company offers a long-term, multi-generational, trans-Atlantic approach to investing, bridging borders and connecting its local expertise with global capital.

About Barone Management LLC

Barone Management is a dual platform construction and development firm operating in the New York City metropolitan market. With separate, but complimentary divisions, dedicated to developing their own real estate holdings, Barone has found a unique niche in the highly competitive NYC marketplace, allowing for an impressive track record, with a prestigious list of partners and projects. Barone Management has developed over 1,000 hotel rooms in New York City, with another 600 currently under development, and further supplemented by ground up office, industrial and residential projects.