The Real Deal

• Email this article
• print
• Comments(4)

Can 11 Times Square hang on?

Steven Pozycki, CEO of SJP Properties, recently said the building would be profitable with rents per square foot in the high $70s

From the October issue: Like a vertical ghost town, 11 Times Square, the city's largest speculative office tower, remains entirely unleased more than two years after breaking ground in the summer of 2007. Some experts give the owners -- a partnership between developer SJP Properties and a fund managed by Prudential Real Estate Investors called PRISA -- little chance of holding on to the 1 million-square-foot building without a significant debt restructuring, if at all. They cite the current weak economy, the 25 percent decline in rents, and the cost of the building, a pricey $1,100 per square foot. Those affiliated with the building, which is located at 640 Eighth Avenue between 41st and 42nd streets, have put on a brave face, however. They say there is a great deal of activity at 11 Times Square, which is being marketed by commercial brokerage CB Richard Ellis. more