Search
 

Ratner: Times Square Project Total Could Run Between $700 and $800 Mil

NEW YORK CITY-Al Ratner, co-chairperson of Forest City Enterprises, spoke with GlobeSt.com about the Times Square project that will be a joint venture between The New York Times and his company.

By John Rebchook | Updated on March 06, 2001

NEW YORK CITY-The New York Times planned new headquarters in Times Square is an exampleof how much the formerly derelict Times Square has improved in recent years,according to the developer of the project. ”It would have been even inconceivable five years ago,” Al Ratner, co-chairperson of Cleveland-based Forest City Enterprises told GlobeSt.com, ona visit to Denver.

Ratner was visiting the former Stapleton International Airport, where his company is in the early stage of a $4 billion, 20-year redevelopment of the former airport, the largest infill redevelopment in the country. In New York, Forest City Ratner Cos., an affiliate of Forest City Enterprises, is developing the 1.3 million-square-foot building the New York Times will anchor. ”A lot of people don’t realize that Times Square is named after the New York Times,” Ratner told GlobeSt.com.

”It’s a joint venture between the New York Times and Forest City,” he says. ”The New York Times will take about 800,000 sf and we will own the rest.” The building will soar 650 feet high. Asked by GlobeSt.com to estimate the completed value of the project, Ratner replied: ”$700 million to $800 million.” A spokeswoman from the New York Times said the company is not disclosing dollar estimates on the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.