N.Y. Coliseum Site Sold

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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 television station.

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.

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