L&L Holding Joins Maefield, Fortress and the Nederlander Organzation for $2 Billion Historic Redevelopment of 1568 Broadway in Times Square
August 3, 2017 12:46pm
NEW YORK, August 3, 2017 – L&L Holding Company today announced that it has joined Maefield Development, Fortress Investment Group and the Nederlander Organization to undertake the redevelopment of 1568 Broadway in Times Square into a premier cultural, entertainment, retail and hospitality experience in the number one tourist destination in the world.
L&L will serve as an equity partner and developer, working in collaboration with Maefield and Fortress and in conjunction with the Nederlander Organization, on all aspects of planning and construction for the $2 billion project. The partnership has acquired all of the necessary project components, including the land, hotel and all of the signage rights. As part of the redevelopment plan, the Nederlander Organization will continue to own the historic Palace Theatre.
Highlights of the redevelopment include an impeccably restored historic Palace Theatre; prime street front retail and entertainment space; a 17,000 square-foot super-high-resolution new LED screen; and a 700-room luxury hotel. One of the most intricate parts of the redevelopment involves the landmarked Palace Theatre, which will be carefully lifted 29 feet, have its historic interior restored to its original 1913 grandeur, and benefit from renovations and expansion of its lobby, backstage operations and other public facilities. The project will also fund important neighborhood improvements through the investment in an enhanced subway entrance at the Southeast corner of 47th Street and 7th Avenue, where tens of thousands of riders pass through daily.
L&L Holding Chairman and CEO David W. Levinson said, “We look forward to working with Fortress, Maefield, the Nederlander Organization and the local community to produce an incredible new mecca for the arts, entertainment, cuisine and lodging in the heart of Times Square.”
Added L&L Holding President and Chief Investment Officer Robert Lapidus, “The redevelopment of 1568 Broadway is a perfect match for L&L Holding’s ability to tackle the most complex and intricate development projects and to do so in a way that creates enduring value for the residents and visitors of New York.”
L&L Holding is in the midst of its most ambitious expansion in its history. In addition to its new role at 1568 Broadway, the firm is currently building 425 Park Avenue, which will be the first full-block office development on the boulevard in half a century, and is undertaking the most ambitious re-massing of an office building in New York City history at 390 Madison. Earlier this year, L&L completed the redevelopment at 195 Broadway, which included the preservation and adaptive re-use of the lobby of the original AT&T building ,which is now home to Nobu and Anthropologie.
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Manhattan-based L&L Holding Company, LLC is a privately-owned real estate investment company with a current portfolio exceeding 6 million square feet of office space primarily in Manhattan. For more information on L&L, visit their website www.ll-holding.com.
Contact: Jacqueline Hlavenka
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