A pair of developers is moving forward with plans to build a 510-room pod-style hotel project in Times Square, filing plans to demolish three low-rise buildings near the corner of West 42nd Street and Ninth Avenue to make way for a 28-story tower. Developers the Friedman Group and Landis Group are partnering to build the 220,000-square-foot project at 400 West 42nd Street on parcels they acquired for about $80 million before the market collapsed, Robert Friedman, a principal with the Friedman Group, told The Real Deal. [more]
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Boston Properties said it agreed to sell Carnegie Center, a 2 million-square-foot office park in Princeton, N.J., to a joint venture between Normandy Real Estate Partners and the Landis Group for $468 million.
In January, Doug Linde, president of Boston Properties, said the company might sell most or all of the 16-building complex, as part of a group of suburban properties that it was thinking about selling.
“I talked to Carnegie Center and we’re recapitalizing to sell a significant portion or a full on the entire Carnegie Center asset base depending on what that pricing looks like,” Linde told analysts in the January call, according to a transcript from SeekingAlpha.com. “We’d like to try and retain management and development because we still control the land for another seven-plus years and that will kind of play out.”