The site was once an Alexander's department store and is still an Alexander's Inc. property. The REIT is exploring option to develop what is now one of the city's most infamous holes in the ground. The plans call for 1.4 million sf of retail, office and multifamily housing property. Spokespeople for Alexander's report the estimated cost for the project will run in excess of $650 million. Financing may come from the sales of assets and debt equity, all of which, they say, "may involved arrangements with Vornado Realty Trust."
Despite the good news of the lease arrangement, Alexander's spokespeople add, "There can be no assurance that this project will be ultimately completed, completed on time or completed for the budgeted amount. If the project is not completed on a timely basis, the lease may be cancelled and significant penalties may apply."
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