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  #1  
Old Posted Oct 17, 2012, 3:00 PM
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Smile NEW YORK | 701 7th Ave (20 Times Square Edition) | 500 FT | 42 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.
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  #2  
Old Posted Oct 17, 2012, 3:07 PM
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Rendering for the press release...


http://photos.prnewswire.com/medias/...action=details





Probably just an early concept...










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Last edited by NYguy; Oct 17, 2012 at 3:19 PM.
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  #3  
Old Posted Oct 17, 2012, 3:53 PM
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Just in case anyone was wondering, the first picture you'll see in the below link shows the 11 story turn of the century office building that currently occupies the proposed site. Looks like it would be sort of a sad loss, but it's already mostly covered by signage anyways.

http://www.dezeen.com/2009/11/26/tkt...sb-architects/
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  #4  
Old Posted Oct 17, 2012, 5:11 PM
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Interesting to see how the old building currently occupying the site will be integrated into the new tower since the article indicates it will only be partially demolished.
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  #5  
Old Posted Oct 17, 2012, 5:49 PM
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Quote:
a dramatic rooftop and entertainment venue overlooking the Square
Dundas Square in Toronto has multiple restaurants with outdoor patios overlooking it from 50 feet or so up:

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  #6  
Old Posted Oct 17, 2012, 9:52 PM
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The amenities seem cool, along with that jumbo screen, however that tower is mediocre at best.
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  #7  
Old Posted Oct 18, 2012, 1:36 AM
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Location deserves a better building.
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  #8  
Old Posted Oct 18, 2012, 3:15 AM
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Originally Posted by Fatality View Post
Location deserves a better building.
I totally agree.
I think this project is a step backwards. I do not know if they will keep the facade of the old building, but anyway, if it is to destroy something here, have to be replaced with something of quality, not the trash box. And, 36 floors?! Ohhh nooo...

This building should be lower than the Lehman Brothers Building, a pity, this place deserves a building of at least 250 meters.

Last edited by reencharles; Oct 18, 2012 at 3:28 AM.
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  #9  
Old Posted Oct 18, 2012, 7:18 AM
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Originally Posted by reencharles View Post
I totally agree.
I think this project is a step backwards. I do not know if they will keep the facade of the old building, but anyway, if it is to destroy something here, have to be replaced with something of quality, not the trash box. And, 36 floors?! Ohhh nooo...

This building should be lower than the Lehman Brothers Building, a pity, this place deserves a building of at least 250 meters.
Like it or hate it, this building is exactly what Times Square is. Weird design for the tower portion, including the spires, but again, Times Square. It certainly won't ruin anything, as Times Square is not know for its architectural gems.
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  #10  
Old Posted Oct 19, 2012, 12:20 AM
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Quote:
A venture between the Witkoff Group, Maefield Development, Infinity Urban Century–and New Valley, an investment unit of Vector Group–completed the $430 million acquisition of a development site at 701 Seventh Avenue in Times Square, where it plans to build a 340,000-square-foot, 36-story, multi-use complex. Times Square Gateway Center, located between Seventh Avenue and 47th Street, will feature retail space, a hotel tower and the nation’s largest single LED screen for Broadway’s iconic lights and advertising.

Steven Kassin, co-managing partner of Infinity Urban Century, confirmed the amount of the investment to The Commercial Observer.

Barry Sternlicht’s Starwood Property Trust and Starwood Capital Group provided $475 million in combined acquisition and construction financing for the development. The loan will have an initial funding of $375 million with $100 million of future funding for redevelopment costs and also contains an equity participation right for the lender.

The joint venture between Maefield Development, Infinity Urban Century, the Witkoff Group and New Valley announced it will spend $170 million to develop the retail complex and another $200 million for the hotel tower.

The $800 million project is expected to be operational within two years and fully complete in three years. An existing eleven-story office building at 701 Seventh Avenue will be partially demolished to make way to the complex. It will feature 130,000 square feet of retail space facing Times Square, a 500-room hotel tower and a 24,000 square-foot LED sign wrapping around its façade at 100 feet of height.
Looks like another very mediocre filler tower for Times Square, but at least it isn't gaudy like some of the other stuff that has gone up there in recent years.

That will be a huge LED sign though .
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  #11  
Old Posted Oct 19, 2012, 12:22 AM
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This building will be nearly 500 ft., so taller than one would assume from the floor count.
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  #12  
Old Posted Oct 19, 2012, 8:15 AM
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Originally Posted by Crawford View Post
This building will be nearly 500 ft., so taller than one would assume from the floor count.
Is that with or without the twin spires?
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  #13  
Old Posted Oct 25, 2012, 11:39 AM
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http://www.nypost.com/p/news/busines...YQfNLUnEqPoAxJ

By LOIS WEISS
October 25, 2012

Quote:
The team that includes Steven Witkoff, Howard Lorber’s New Valley and New Winthrop Realty is preparing to build an 82,000-square-foot, eight-story retail base at 701 Seventh Ave. in the heart of the Times Square “bow tie” with or without its topping: a 220,000-square-foot, 475-room hotel.

Witkoff told us the two top floors of that structure could be folded into a future hotel for food and beverage use. Any hotel construction may also ride on any deal with up to three retailers for the remaining six floors totaling 70,000 square feet.

“They may not want to go through a hotel construction,” Witkoff said.

He expects retail rents to fetch more than $2,200 per foot because tourist traffic could be greater than that on Fifth Avenue.

Witkoff hasn’t had time to even start a search for a suitable hotel — like the W across the street — for the site on the northeast corner of West 47th Street in the heart of Times Square.

The building will also have an LED sign of 24,000 square feet, making it the largest in the area, according to Witkoff, who spoke yesterday at a Midtown gathering organized by law firm Schulte Roth & Zabel.
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  #14  
Old Posted Jan 2, 2013, 7:17 PM
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http://online.wsj.com/article/SB1000...al_real_estate

A Hipper Marriott?

by Eliot Brown
January 2, 2012


Quote:
Marriott International Inc. is looking to get hip in Times Square.

The hotel operator is planning a boutique hotel in the tourist-filled Manhattan destination as part of a new 36-story retail and hotel development on 47th Street and Seventh Avenue, according to a real-estate executive briefed on the deal. That location would be just two blocks from the Marriott Marquis, among the largest and busiest hotels in Times Square.

Marriott recently reached a tentative agreement with the development group that includes investors Steven Witkoff, Mark Siffin and Winthrop Realty Trust to brand and operate the hotel as a Marriott Edition, the boutique-style brand the company has been trying to grow, the person says.

Marriott has struggled to build up the Edition brand, which was launched in 2007 in a partnership with hotelier Ian Schrager. The recession slowed the brand's growth.

Recently, Marriott's efforts have gained momentum, and the company has secured deals to put up new Edition hotels in Abu Dhabi, Bangkok and another location in Manhattan, by Madison Square Park.

"We are aggressively pursuing opportunities for our Edition brand," a spokeswoman for Marriott says. She declined to comment on specifics about the Times Square deal.
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  #15  
Old Posted Jan 3, 2013, 1:47 PM
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Good news.

I know that Edition is looking for additional Manhattan hotel locations, so we should see some more announcements.
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  #16  
Old Posted Jan 3, 2013, 8:31 PM
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Gee, I thought that Nasdaq (4 Times Square) had the largest display.

The tower itself is a filler (which is not a bad thing) for the area.

I actually like this development quit a bit.
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  #17  
Old Posted Jan 4, 2013, 8:19 AM
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Yeah, it is a little bit of filler, but the retail and entertainment venue could be nice additions.

Quote:
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.
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  #18  
Old Posted Jan 4, 2013, 3:19 PM
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Yeah there's NO WAY that is what it will really look like. Maybe in LA, but not in New York, the architects there are WAAY too intelligent! Lol
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  #19  
Old Posted Feb 23, 2013, 12:25 AM
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I think this may be moving along with this faster than we thought. It's right across the plaza from where I work, and I've been noticing the businesses in the base of the building are gradually shutting down. Tad's Steaks, a neighborhood mainstay, is already gone, and the giant discount electronics place next to it has an equally giant "GOING OUT OF BUSINESS" sign up that I just noticed the other day. Storefronts on 47th Street have already been emptied, leaving only the shitty Sbarro on the corner left. Can't say I'll be sorry to lose that.
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Old Posted Feb 23, 2013, 3:27 AM
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Storefronts on 47th Street have already been emptied, leaving only the shitty Sbarro on the corner left. Can't say I'll be sorry to lose that.
If we lose Sbarro on the corner, where oh where are we going for pizza?
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