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New York

50 West Street set to break ground

Time Equities’ 50 West Street is set to break ground on June 23.

The $600 million hotel and residential building designed by Helmut Jahn will occupy 580,000 square feet and will reach 66 stories.

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The tower will also provide a passageway for pedestrians, linking the southern part of Battery Park City to Wall Street and Rector Street’s retail corridor. Completion of the building is expected in 2010.

“The groundbreaking is important because this building had a lot of public involvement to Create The Urban Plaza to connect Battery Park City with the core of the Financial District,” said Phillip Gesue, director of acquisitions and development for Time Equities.