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Empty lot in front of Port Authority on 42nd August 15, 2006

Posted by farshadf in NYC, Uncategorized.

The big real estate news of the day is that the empty lot on the southeastern corner of West 42nd Street and Eighth Avenue – right near the movie theater on the south side of 42nd Street – will finally get developed. The NY TImes’ coverage of the deal starts off with:

A New Jersey developer plans to build a $1 billion office tower on the last parcel in the 13-acre Times Square redevelopment district, bringing an end to the 26-year effort to clean up an area that was known as the Deuce when it was a motley collection of movie houses, sex shops, T-shirt stores, pimps and drug dealers.


Mr. Pozycki bought the 42nd Street property last month for $305 million from Howard and Edward Milstein. The Milstein family had acquired the property early in the redevelopment project, in 1983, for $5 million. The Milsteins announced in 2002 that they planned to build a 35-story tower there, but never got beyond erecting a blue construction fence.



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