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New York

Eighth Avenue in developers’ sights

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A Midtown Eighth Avenue building boom could be underway, led by Related Companies. The company owns the four-story 732 Eighth Avenue, known as the Playwrights Tavern, and issued a declaration of development rights there last week. Related also owns 259-263 West 45th Street, another small building, for which it paid more than $1,000 a square foot. Last month, Tishman Construction paid $128 million for five properties, under the name West 44th Street Hotel LLC. more [NYO]