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

Posted by farshadf in NYC, Uncategorized.
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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:

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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.

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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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