Manhattan, NY L&L Holding Co. has joined Maefield Development, Fortress Investment Group and the Nederlander Org. to undertake the redevelopment of 1568 Broadway in Times Sq. into a 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 Org., 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 Org. will continue to own the historic Palace Theatre.
Highlights of the redevelopment include an impeccably restored historic Palace Theatre; street front retail and entertainment space; a 17,000 s/f new LED screen; and a 700-room hotel. One of the most intricate parts of the redevelopment involves the landmarked Palace Theatre, which will be carefully lifted 29 ft., have its 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 St. and 7th Ave., where tens of thousands of riders pass through daily.
L&L Holding chairman and CEO David Levinson said, “We look forward to working with Fortress, Maefield, the Nederlander Org. and the local community to produce an incredible new mecca for the arts, entertainment, cuisine and lodging in the heart of Times Sq.”
L&L Holding president and CIO Robert Lapidus, said, “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.”
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