City Council approves plans for TSX Broadway redevelopment

$2.3B renovation includes three-story elevation of historic Palace Theatre

TRD NEW YORK /
Jun.June 28, 2018 03:55 PM

Council Speaker Corey Johnson and a rendering of TSX Broadway (Credit: Getty Images and ArX Solutions)

UPDATED, 5:44 p.m., June 28: The City Council approved Thursday the proposed redevelopment of the Palace Theatre and 702 Seventh Avenue, a project near Times Square known as TSX Broadway.

Maefield Development and its partners plan to build a 47-story building with 663 hotel rooms plus retail space, which they expect will be worth a total of $4.2 billion five years from now. The redevelopment also includes elevating the Palace Theatre at the address three stories higher in order to create more retail frontage.

The city’s Landmarks Preservation Commission approved the plans for the theater in 2015.

Last month, The Real Deal reported that some Chinese EB-5 investors in TSX Broadway and other projects in Manhattan were becoming fed up with the long wait times for investor visa and were consulting American attorneys about how to get their money back. [Crain’s] — Will Parker


Related Articles

arrow_forward_ios
Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

The Eddington House cafe in Shanghai

“We’re the elite”: What backlogged Chinese EB-5 investors are planning next

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Sen. Lindsey Graham and the Hudson Yards development (Credit: Getty Images, iStock)

New EB-5 rules targeting abuse may be eased

arrow_forward_ios
Loading...