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Jahn’s rendering of 50 West Street and developer Francis Greenburger
Developer Francis Greenburger’s Time Equities is putting the kibosh on speculation that a revival of its planned, Helmut Jahn-designed 50 West Street tower is imminent. Yesterday, the developer was reported to have paid $1.5 million to obtain new permits for its $600 million, 65-story hotel and condominium project, which has been shelved since 2008, causing several publications to infer that this signaled the rebirth of one of Lower Manhattan’s largest stalled developments. But contrary to those reports, Time Equities said today that such conclusions are “premature.” Time Equities did obtain new permits at the site, but only because it changed the contractor of record to Skanska after its previous contractor, HRH, decided to pursue a Chapter 7 bankruptcy liquidation in April, the company said.
– Sarabeth Sanders… [more]