Pozycki talks about troubled 11 Times Square

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Developer Steven Pozycki, CEO of SJP Properties, sat down with the New York Times to discuss his New Jersey roots and his latest project, 11 Times Square, which has had trouble acquiring tenants. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed. As The Real Deal reported, some experts have suggested that Pozycki won’t be able to hold onto the 1 million-square-foot building unless SJP is able to restructure the space’s debt. Still, Pozycki said he’s very confident that the project will move on as planned. “Fundamentally, we could carry the building three years — dead empty — from next April, when the building is finished,” Pozycki said. Meanwhile, a spokesperson for Pozycki told The Real Deal that the carrying period was two and a half years.

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