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11 Times Square Starts Spec Construction

NEW YORK CITY-SJP Properties' $1.1-billion project kicks off two months early. Floor plates for the building will actually be bigger on the top than the bottom.

By Sean Ryan | Updated on June 25, 2007

NEW YORK CITY-The first shovel of dirt is in for 11 Times Square, two months ahead of schedule. SJP Properties will finish its 40-story, 1.1-million-sf spec office and retail building in 2009.

“We have been able to significantly expedite the development process and commence construction two months ahead of schedule,” Steven J. Pozycki, chairman and CEO of SJP, tells GlobeSt.com. The building is going up with help from the 42nd Street Redevelopment Corp., Empire State Development Corp. and the New York City Economic Development Corp., all of which Pozycki credits for the sped-up schedule.

The total construction cost is projected at $1.1 billion, around $1,000 per sf. That includes the $306-million price of buying the land, which SJP partnered with Prudential Real Estate Investors to buy the L-shaped parcel for $306 million, about $350 per sf.

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