Silverstein Properties is backing away from plans to build a 1.8M SF, 1,100-foot-tall luxury tower in Manhattan, asking CBRE to sell the would-be tallest residential project in New York instead.
“With everything we have going on at the World Trade Center and elsewhere, this just isn’t the right time for us to develop this project,” a Silverstein spokesman said in a statement.
But a City Hall spokesman says otherwise, suggesting the difficult negotiations over the amount of affordable housing in the tower ended its development. Silverstein wanted 250k SF while the city wanted 375k SF.
Silverstein still expects to net $400M from the sale, having purchased it for only $100M earlier this year. [Crain's]
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