Twining Properties and Macfarlane Partners, The Related Companies’ partners at a long-stalled development site that covers an entire block at 42nd Street and Tenth Avenue, have cashed out their shares in the project. Meanwhile, Goldman Sachs and MSD Capital, which became the firm’s first outside investors last month, are now equity partners on the project at 440 West 42nd Street, said Related spokeswoman Joanna Rose. “We are moving forward with the project and we hope to reveal details on it very soon,” Rose said. A 60-story high rise residential tower with over 600 luxury apartments was planned after the former Houseman and Fairbanks theaters were cleared in 2005. But the project failed to receive a zoning bonus and tax breaks for a proposed Cirque du Soleil complex in the tower’s base. The site, which reportedly fills with water when it rains, has been dubbed by some as “Lake Related” and the “Hell’s Kitchen Swimming Hole.” TRD
Related switches partners at big 42nd Street and Tenth Avenue project
New York /
Jan.January 11, 2008
03:49 PM
Related Articles
arrow_forward_ios

Hudson Yards megadevelopment inspires a new line of sex toys

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

EB-5 funds sue to stop foreclosure sale on failed HFZ tower project

City bill would force general contractors to get licensed

SL Green sees “explosive recovery” for NYC as tenants plan office return

The Agency sues Compass for blocking exec from recruiting former colleagues
arrow_forward_ios