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A rendering of the $2-billion 1568 Broadway development. A rendering of the $2-billion 1568 Broadway development.

NEW YORK CITY—The partnership behind the $2-billion redevelopment of 1568 Broadway in Times Square has added a new partner—New York City-based real estate investment firm L&L Holding Co.

L&L announced it has become an equity partner in the project that involves the restoration and elevation of the historic Palace Theatre, a new 700-rom hotel as well as retail space. L&L will also serve as developer for the project that will feature prime street front retail and entertainment space and a 17,000 square-foot super-high-resolution new LED screen. Other partners in the venture include Maefield Development, Fortress Investment Group and the Nederlander Organization. No financial terms of L&L’s equity interest in the project were released.

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