Posted Oct 25, 2012, 11:39 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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http://www.nypost.com/p/news/busines...YQfNLUnEqPoAxJ
By LOIS WEISS
October 25, 2012
Quote:
The team that includes Steven Witkoff, Howard Lorber’s New Valley and New Winthrop Realty is preparing to build an 82,000-square-foot, eight-story retail base at 701 Seventh Ave. in the heart of the Times Square “bow tie” with or without its topping: a 220,000-square-foot, 475-room hotel.
Witkoff told us the two top floors of that structure could be folded into a future hotel for food and beverage use. Any hotel construction may also ride on any deal with up to three retailers for the remaining six floors totaling 70,000 square feet.
“They may not want to go through a hotel construction,” Witkoff said.
He expects retail rents to fetch more than $2,200 per foot because tourist traffic could be greater than that on Fifth Avenue.
Witkoff hasn’t had time to even start a search for a suitable hotel — like the W across the street — for the site on the northeast corner of West 47th Street in the heart of Times Square.
The building will also have an LED sign of 24,000 square feet, making it the largest in the area, according to Witkoff, who spoke yesterday at a Midtown gathering organized by law firm Schulte Roth & Zabel.
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