"We have been able to significantly expedite the developmentprocess and commence construction two months ahead of schedule,"Steven J. Pozycki, chairman and CEO of SJP, tells GlobeSt.com. Thebuilding is going up with help from the 42nd Street RedevelopmentCorp., Empire State Development Corp. and the New York CityEconomic Development Corp., all of which Pozycki credits for thesped-up schedule.

The total construction cost is projected at $1.1 billion, around$1,000 per sf. That includes the $306-million price of buying theland, which SJP partnered with Prudential Real Estate Investors tobuy the L-shaped parcel for $306 million, about $350 per sf.

The tower is at 42nd Street and Eighth Avenue, a block north ofthe new New York Times building. As described in a Real Estate NewYork feature, the tower's floor plates range from29,914 sf to 41,035 sf. Some of the larger spaces are on the upperfloors, due to the building's outward slope design. The 55,000 sfon the first three floors will be retail, with the building'sarchitecture with distinctive different designs for the retail andoffice sections. Asking rents for the space have not been disclosedyet.