Glenwood Management intends to bring a mixed-use development to a site on the West side of Eighth Avenue between 46th and 47th streets, after buying the mortgages and keys to the site, originally owned by Tribeach Holdings, the New York Post reported.
“We’re definitely not using [Tribeach’s] plans,” said Glenwood’s Gary Jacob. “We’re going to work on a mixed-use property with retail and high-end rentals.” While there is still a possibility of adding air rights, Jacob noted it is still in the very early stages of their planning.
As The Real Deal previously reported, Tribeach had accumulated enough buildings and air rights to construct a 38-story condo hotel but for a long time was not able to proceed. “There’s no way I could sell it now,” Tribeach’s William Fagen told the Post in 2009, “because it would wipe out my equity.”