The property, which is located on the north side of 42nd street,midway between Sixth Avenue and Times Square, has been the missingcenterpiece in Durst's plan to develop a 1.5 million-sf officebuilding adjacent to Durst's 4 Times Square. The Maidmans hadplanned to build an apartment hotel on the 2,200-sf parcel, a planDurst vehemently opposed. The two sides reportedly reached anagreement this week and closed the sale within 24 hours with nocontract.

"Although the Maidman family was considering a renovation, theygraciously decided that in the interest of furthering new officedevelopment in New York City, it was preferable to facilitate ourcompletion of the mid-block assemblage," Durst says in a preparedstatement.

Durst says a decision on proceeding with the project will bemade shortly. Demolition could begin in the summer, with occupancyin the new tower ready by sometime in 2005. Fox & Fowle hasbeen retained as architects.