14 Nov Mark Siffin and Maefield Development Announce Big Changes for The Plaza and Times Square Gateway
Posted at 16:49h
in 701 TSQ
, Project News
the Chairman and CEO of real estate development firm Maefield Development
, is in the process of planning and developing two massive and prestigious properties in New York City. The first is the Times Square Gateway Center, with construction well underway and slated to be complete later this year. The second is the iconic Plaza Hotel on 5th Avenue, which is scheduled to undergo restoration and redevelopment.
The Times Square Gateway Center has been a labor of love for Maefield Development and its visionary leader. Mark Siffin monitored real estate in New York City’s Times Square for a decade before jumping in on the project at 701 7th Avenue
. Siffin began assemblage of the site in 2010, Maefield Development gained full control of the property in 2012, and construction began in 2014. When complete in Q4 of 2017, the 345,000-square-foot complex will feature 220,000 feet of retail and entertainment space on the first six floors, topped by a 30-story, 450-room Marriott Edition Hotel, not to mention 20,000 square feet of LED signage overlooking busy Times Square.
Siffin has already locked in deals and signed leases with Marriott International, Cirque de Soleil, Hershey’s, and the National Football League. The project has a reported price tag of $1.1 billion, but the property is projected to reach a value of $3 billion upon completion. Maefield Development holds a 50% ownership stake in the Times Square Gateway Center.
In a city full of iconic buildings, New York City’s Plaza Hotel numbers among the most recognizable and revered. This mixed-use structure at the intersection of 5th Avenue and 59th street overlooks Central Park and is nestled in one of the most expensive and prestigious areas of the city. Despite being positioned on prime real estate along the city’s luxurious 5th Avenue retail corridor, The Plaza has not been utilized to full commercial advantage, an oversight Mark Siffin sought to remedy when Maefield Development took control of the property in 2016. A $1.4 billion planned restoration and redevelopment project will preserve the heritage of this landmark structure while introducing a multi-story retail space and a five-star urban hotel worthy of this prestigious building and location.
About Maefield Development:
Maefield Development is a privately-owned real estate development firm established in 1991 with founder Mark Siffin serving as Chairman and CEO. The company has successfully acquired, developed, and/or sold over 6 million square feet of property, including residential, retail, hospitality, and office space in both urban and suburban markets, with particular focus on redeveloping underperforming urban properties in iconic, city center locations like New York City’s Times Square, L.A.’s Sunset Strip, San Francisco’s Union Square, and Miami’s Ocean Drive. Fully integrated services allow Maefield Development to see projects through from beginning to end, and the company currently has over $9 billion in properties either under development or in operation. For more information, please visit www.maefield.com
Original Post: citybizlist.com