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Old October 17th, 2012, 05:49 PM   #1
germantower
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NEW YORK | The Edition Times Square | 157m | 516ft | 42 fl | Com

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

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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Old October 17th, 2012, 09:03 PM   #2
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what. the hell. that f'n led screen is big even by times square's standards.
also, twin antennae?
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Old October 17th, 2012, 09:08 PM   #3
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Eh, looks good enough. What would it replace?
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Old October 17th, 2012, 11:21 PM   #4
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Quote:
Originally Posted by ThatOneGuy View Post
Eh, looks good enough. What would it replace?
This new thing will go in place of the historic Show Folks Shoe Shop, a real gem in the middle of Times Square that hasn't been cleaned in a while and is covered with billboards except on the Forty-sixth Street side.



The NY Times had a story about it in 2008

http://www.nytimes.com/2008/02/10/re...scap.html?_r=0
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Old October 17th, 2012, 11:32 PM   #5
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Too bad. That's a real nice building that like you mentioned, that is almost completely hidden behind billboards. The top of the new building is so odd. Two antennas, and a bizarro upside down top of the Citigroup Center. I don't have high hopes for this.
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Old October 18th, 2012, 03:43 AM   #6
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NEW YORK | 701 Seventh Ave. | 36 fl | Pro




Investor group closes on 701 Seventh Avenue, considers hotel for site

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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.
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Old October 18th, 2012, 03:54 AM   #7
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Nice addition for Times Square, but the ad is far too huge.
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Old October 18th, 2012, 04:36 AM   #8
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Nice addition for Times Square, but the ad is far too huge.
That ad will be the biggest, illuminated video screen in the world. It's not a billboard.
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Old October 18th, 2012, 05:46 AM   #9
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I commented in another forum but I'll summarize here. Simply a garbage. This place deserved a decent building, not a box of 36 floors.
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Old October 18th, 2012, 06:00 AM   #10
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I agree. If that's the actual tower, which we don't know, then it's crap.
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Old October 18th, 2012, 04:58 PM   #11
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Well that LED display is the ugliest thing I have seen as of late. Also, the render better be a very rough model, because if it will be just a glass box with something weird on top then it will be one of the worst proposals for NY. Millions for the lot, more millions for the building, 40 bucks for the designer...
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Old October 18th, 2012, 10:38 PM   #12
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Quote:
Originally Posted by rencharles View Post
I commented in another forum but I'll summarize here. Simply a garbage. This place deserved a decent building, not a box of 36 floors.
I agree.

And after spending 430 million there was probably no money left to make a decent render.
A school student of 15 can do better than this.
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Old October 18th, 2012, 11:53 PM   #13
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I assume that there was a typo and the cost of acquiring that one building was $43m -- not $430m.
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Old October 19th, 2012, 12:25 AM   #14
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Blah Blah Blah, more box hate. Typical Skyscrapercity
I think it will make a great addition to an area that looks like it has a gap. It will add greatly to the canyon feel there, since it is so close to the landmark times square intersection.
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Old October 23rd, 2012, 05:41 PM   #15
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More Details About 701 Seventh Ave.



Quote:
The joint-venture mega-deal to transform 701 Seventh Ave. is of cyclopean complexity even by Manhattan real-estate standards, involving a half-dozen companies on the investment side plus a $475 million loan from Starwood Capital. Now Steve Kassin, co-managing partner of investment partner Infinity Urban Century, has spelled out for us more specifics.

Although the completed project will be as-of-right, the developers will retain about 25 percent of the larger of the two structures to exploit grandfathered zoning rules relating to retail and signage requirements. That will allow installation of the world’s largest LED sign to wrap around the 47th Street corner, replacing six smaller signs there now. The small building adjacent to the corner, 165 W. 47th St., is part of the package and will be demolished.

Construction should begin in the first half of 2013. The five-story retail base will include a 30,000-square-foot, “Vegas-esque” entertainment/dining venue “specifically built for the traffic that Times Square attracts.” A 500-room hotel is to rise above it and be completed in 2015.

All existing office and retail tenants have signed “irrevocable” lease-termination agreements. That means that in a few months, longtime tourist fixtures will all be gone: among them Tad’s Steaks, Sbarro and Pig & Whistle.

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Old October 29th, 2012, 02:33 AM   #16
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Its hard to tell from the picture, but will the LED screen actually be bigger than the one in cowboys stadium (which is 180 feet long)?
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Old October 29th, 2012, 02:50 AM   #17
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it will be the biggest in south America/ world.
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Old October 29th, 2012, 01:05 PM   #18
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Why bring up South America? lol
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Old October 29th, 2012, 10:57 PM   #19
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Because I'm not sure
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Old April 5th, 2013, 07:45 PM   #20
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Very big article about this project:
http://www.nytimes.com/2013/03/13/re...anted=all&_r=0
It says, that construction can start late this year ore early next year.
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