Related switches partners at big 42nd Street and Tenth Avenue project

New York /
Jan.January 11, 2008 03:49 PM

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 Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Suit alleges investor Kamran Hakim, at left, planned to inject $40 million to help save 29th and Fifth tower project. At right, HFZ's Ziel Feldman. (Getty, HFZ)
EB-5 funds sue to stop foreclosure sale on failed HFZ tower project
EB-5 funds sue to stop foreclosure sale on failed HFZ tower project
Building Trades Employers’ Association CEO Lou Colletti and City Planning Commissioner Chair Marisa Lago (iStock)
City bill would force general contractors to get licensed
City bill would force general contractors to get licensed
SL Green CEO Marc Holliday (Getty)
SL Green sees “explosive recovery” for NYC as tenants plan office return
SL Green sees “explosive recovery” for NYC as tenants plan office return
Vornado’s Steve Roth and 888 Seventh Ave (Getty, Google Maps, iStock)
Vornado sues Hongkun USA, seeking $1.1M in rent
Vornado sues Hongkun USA, seeking $1.1M in rent
Mauricio Umansky, Rainy Hake Austin and Robert Reffkin (Getty)
The Agency sues Compass for blocking exec from recruiting former colleagues
The Agency sues Compass for blocking exec from recruiting former colleagues
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...