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NEW YORK CITY-A partnership led by New Valley has completed its $430-million acquisition of a Times Square development parcel at 701 Seventh Ave. The Times Square Gateway Center set to rise on the 0.4-acre site will eventually include hotel and retail components, as well as a 24,000-square-foot LED sign that reportedly will be the largest in the US.

“This property is unique because it will be one of the few new buildings—as opposed to a renovation of an existing building—in the Times Square submarket, which will allow us to customize the space for a variety of retail tenants,” says Steven C. Witkoff, chairman and CEO of the Witkoff Group, in a statement. Witkoff, whose firm is partnering with New Valley, Winthrop Realty Trust, Maefield Development and Infinity Urban Century on the $800-million project, adds that because of its “first-rate” location, the parcel offers “immediate opportunities to modernize the site’s signage and monetize its air rights.”

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