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NEW YORK CITY-Equity Office has announced plans to replace the distressed building at 124 W. 42nd St. with a new retail tower and a public plaza. The firm is investing $27 million in the project.

The proposed three-story plaza will measure 42,000 square feet, which will include 21,000 square feet as below grade. Construction will commence after January 1, 2011, and expected to be opened in November 2011. Cushman & Wakefield serves as consultant for retail-brokerage for Equity Office. For the full story, go to New York Post.


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