The Real Deal New York

From the April issue: In a slowing real estate market, developers tend to bet on a sure thing. So one developer’s willingness to build a large-scale office building on speculation — without tenants lined up before construction begins — may seem surprising in the current shaky climate. With 40 stories and 1.1 million square feet of Class A office space to lease, including 53,000 square feet of retail, SJP Properties has its work cut out for it at 11 Times Square. The $1.2 billion development at 42nd Street and Eighth Avenue is the largest speculative, or spec, building under development in New York City.