Investor group closes on 701 Seventh Avenue, considers hotel for site

New York /
Oct.October 17, 2012 12:00 PM

A venture between Steven Witkoff and Michael Ashner has purchased 701 Seventh Avenue in Times Square, Bloomberg Businessweek reported. Howard Michaels, chairman of the Carlton Group, who represented Witkoff in the acquisition, said the value of the transaction is approximately $2 billion, in a statement provided to The Real Deal.

The venture, which also includes Miami-based investment partner the Vector Group, aims to replace the two existing buildings, totaling 120,000 square feet, with “85,000 square feet of prime retail space and 24,000 square feet of LED signage,” according to Michaels’ release. The partnership is being led by a Vector-owned entity named New Valley LLC — Vector’s CEO, Howard Lorber, told Businessweek that the investors are considering redevelopment, which might include a 30-story hotel.

“The site is as-of-right for a 500-key hotel and some of the top hotel companies in the world are at Mr. Witkoff’s doorstep vying for him to build a completed hotel in arguably the number one tourist destination in the world,” said Michaels.

Barry Sternlicht’s Starwood Capital Group provided the venture with a $475 million senior loan. [Businessweek] — Zachary Kussin


Related Articles

arrow_forward_ios
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff buys waterfront Miami Beach lot for $8M

Steve Witkoff buys waterfront Miami Beach lot for $8M
The assemblage at 547-557 and 559-589 Fulton Street, RedSky Capital’s Benjamin Bernstein and Steve Witkoff (Google Maps; ICSC; Witkoff)

Witkoff to advise on Downtown Brooklyn project

Witkoff to advise on Downtown Brooklyn project
Douglas Elliman chairman Howard Lorber (Getty)

Howard Lorber says bidding wars are still happening in NYC

Howard Lorber says bidding wars are still happening in NYC
Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M

Howard Lorber buys waterfront Sunset Islands home for $12M
Vector Group president and CEO Howard Lorber (Getty, iStock)

Howard Lorber’s comp is too damn high: Investors

Howard Lorber’s comp is too damn high: Investors
TRD Talks Live

Watch major NYC developers tonight on TRD TALKS LIVE

Watch major NYC developers tonight on TRD TALKS LIVE
Douglas Elliman's Howard Lorber and Amazon's Jeff Bezos (Credit: Getty Images)

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber

Second-home tax would be “multiples worse” than Amazon loss: Howard Lorber
TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads

TRD Talks Live: hear from NYC’s biggest brokerage heads
arrow_forward_ios

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

Loading...