NEW YORK
Maefield Development, Infinity Urban Century, The Witkoff Group and New Valley, an investment unit of Vector Group LTD (NYSE: VGR), announced today 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 square-foot, 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.
The iconic Times Square Gateway Center development, located at 47th Street and Seventh Avenue, will dramatically transform a prime corner of Manhattan's Times Square. When fully complete in three years, the $800 million project will feature 130,000 square feet of best-in-class multi-story retail space facing the Square, a 24,000 square-foot 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 world-class 500-room hotel tower. The podium building will deliver retail space with an unparalleled technology infrastructure, large floor plates, and wide open unobstructed areas to serve the hundreds of millions of consumers who come through America's number one tourist destination.
