Times Square has been feeling the energy and presence of Time Square since February. The investment advisory firm collaborated with other businesses to acquire the Palace Theater. The Palace Theater sits in front of the Marriott Edition hotel which is being renovated. The hotel is at 20 Times Square. Fortress Investment Group made a deal with Maefield Development and purchased 20 Times Square.
Fortress Investment Group completed this deal with a set of partners. These partners include Maefield Development, Ian Schrager, Howard Lorber’s New Valley, Winthrop Realty Trust and Steve Witkoff. The 20 Times Square property is valued to be over one billion dollars. This deal has allowed the investment company to become complete owners of this luxury New York City property.
Times Square is one of the most known places in New York City. It is a popular tourist destination. Many events are also held at Times Square. New commercial opportunities have been set in place to open in 20 Times Square. The property is over five thousand square feet in size. It offers space for performances and other events. There are a total of four levels to this luxury space. The property also includes a meeting studio, eating places, fitness studio and terraces to take in the beautiful views of the Big Apple.
Fortress Investment Group is responsible for the Times Square Edition. It is expected to be the most popular area out of Times Square. Two hotels are being constructed to prepare for the increase number in luxury travelers. The Marriott Hotel and DoubleTree Suites will be across from the Palace Theater. They are being renovated to allow for more lodging space. There will be a total of seven hundred rooms, event rooms and meeting spaces. An additional seventy six thousand square feet of retail space will be added.
Fortress Investment Group is one of the largest investment advisory firm. The firm handles asset management for many worldwide clients. They direct clients with the best investments and money making opportunities. The firm is based out of Los Angeles, California with client relationships that number in the thousands.