NEW YORK -- The Metropolitan Transportation Authority approved the
sale of the New York Coliseum site to Related Companies, which is a
real estate development firm, and Time Warner for $345 million.
Under the plan, the coliseum and an office building currently on
the site, which is located on Columbus Circle at the southwest
corner of Central Park, will be demolished. In its place, the two
companies plan to construct a twin-tower mixed-use project that
will include a 425-room Mandarin Oriental hotel, 325 condominiums,
400,000 square feet of retail space and a 1,000-seat jazz theater
that will be affiliated with Lincoln Center.
Additionally, Time Warner said it will move its world
headquarters to the site, with other new buildings housing the New
York bureau of Cable News Network and studios for NY1, a local
The project, which is expected to take three years to complete,
carries a $1.3 billion pricetag.
The Hong Kong-based Mandarin Oriental Hotel Group said the
future home of its Manhattan hotel "will be New York's most
prestigious" address and a tourist site unto itself.
The sale of the Coliseum ends a 14-year effort to sell the
exhibition hall, one of the most sought-after pieces of real estate
in Manhattan. But local civic groups and area residents have vowed
to fight the proposal, arguing that the 2.1-million-square-foot
project is too large.