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Eighth Ave. Tower on Hold

NEW YORK CITY-Boston Properties reports in its Q4 SEC filing that work on a proposed office tower near Times Square has been suspended.

By Paul Bubny | Updated on January 30, 2009

NEW YORK CITY-Boston Properties has put its proposed office tower near Times Square on hold, the Boston-based REIT revealed in an SEC filing Thursday. BP had entered into a joint venture with Related Cos. in 2007 to acquire land parcels and air rights for the tower at the corner of Eighth Avenue and 46th Street, reportedly for $350 million.

The SEC filing, announcing the REIT’s fourth-quarter results, did not specify exactly when the decision to suspend development on the proposed 740 Eighth Ave. was made. “The proposed project was comprised of an assemblage of land parcels and air-rights, including contracts to acquire land parcels and air-rights, on which the joint venture was to construct a class A office property,” according to the company’s form 8-k filing. As a result, Boston Properties took a charge totaling approximately $23.2 million, representing its share of land and air-rights impairment losses, forfeited contract deposits and previously incurred planning and pre-development costs.

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