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New York -- Maefield Development, Infinity Urban Century, The Witkoff Group and New Valley, an investment unit of Vector Group LTD announced that they have completed the $430 million acquisition of their Times Square Gateway Center development site. The purchase clears the way for construction of a 340,000-sq.-ft., 36-story, multi-use development that will anchor the northern end of Times Square, with a new retail experience, a hotel tower, and the nation's largest single LED screen.
When fully complete in three years, the $800 million project, located at 47th Street and Seventh Avenue, will feature 130,000 sq. ft. of multi-story retail space facing the Square, a 24,000-sq.-ft. state-of-the-art LED sign wrapping around its facade at 100 feet of height, a dramatic rooftop and entertainment venue overlooking the Square, and a 500-room hotel tower.
An existing eleven-story turn-of-the-century office building currently on the site will be partially demolished to make way for the project's retail and signage complex, expected to be operational within two years.