HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive


    Times Square EDITION in the SkyscraperPage Database

Building Data Page   • New York Skyscraper Diagram

Map Location
New York Projects & Construction Forum

 

 
Thread Tools Display Modes
     
     
Prev Previous Post   Next Post Next
     
     
  #1  
Old Posted Oct 17, 2012, 3:00 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Smile NEW YORK | 701 7th Ave (20 Times Square Edition) | 517 FT | 39 FLOORS

http://www.marketwatch.com/story/pur...ury-2012-10-16

Purchase Clears Way for First New Times Square Mixed-Use Development in a Quarter Century
36-Story Project will Feature the Largest LED Screen in Times Square, a Modern Multi-Story Retail Shopping Complex, and a 500-Room Hotel Tower



October 16, 2012


Quote:
Maefield Development, Infinity Urban Century, The Witkoff Group and New Valley, an investment unit of Vector Group LTD announced today that they have completed the $430 million acquisition of their Times Square Gateway Center development site. The purchase clears the way for construction of a 340,000 square-foot, 36-story, multi-use development that will anchor the northern end of Times Square, with a new retail experience, a hotel tower, and the nation's largest single LED screen.

The iconic Times Square Gateway Center development, located at 47th Street and Seventh Avenue, will dramatically transform a prime corner of Manhattan's Times Square. When fully complete in three years, the $800 million project will feature 130,000 square feet of best-in-class multi-story retail space facing the Square, a 24,000 square-foot state-of-the-art LED sign wrapping around its facade at 100 feet of height, a dramatic rooftop and entertainment venue overlooking the Square, and a world-class 500-room hotel tower. The podium building will deliver retail space with an unparalleled technology infrastructure, large floor plates, and wide open unobstructed areas to serve the hundreds of millions of consumers who come through America's number one tourist destination.

"The Times Square Gateway Center will greatly enhance the North end of Times Square," says Ike S. Franco, Co-Managing Partner of Infinity Urban Century, LLC. "With the combined strength of Maefield Development, New Valley, and The Witkoff Group, this project has the potential to become one of the most innovative New York City developments in decades and to further cement the image of Times Square as the most vibrant global retail and entertainment district."

An existing eleven-story turn-of-the-century office building currently on the site will be partially demolished to make way for the project's retail and signage complex, expected to be operational within two years. The joint venture will spend $170 million to develop the retail complex and another $200 million for the hotel tower. Starwood Capital is providing $475 million in combined acquisition and construction financing for the development, $375 million of which was funded at closing.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
     
     
End
 
 
 

Go Back   SkyscraperPage Forum > Discussion Forums > Buildings & Architecture > Completed Project Threads Archive
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 11:17 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.