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NEW YORK CITY-Winthrop Realty Trust said late Tuesday afternoon it’s boosting its participation in the joint venture that owns the development parcel at 701 Seventh Ave. Boston-based Winthrop will increase its financial commitment from $68 million of preferred equity to $120 million, reflecting its decision to participate in the ownership of the hotel portion of Times Square Gateway Center, the mixed-use project that was announced this past October.

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