Business & Finance

L&L Holding Joins Maefield, Fortress and the Nederlander Organzation for $2 Billion Historic Redevelopment of 1568 Broadway in Times Square

NEW YORK, NY. August 4, 2017 – L&L Holding Company today announced that it has joined Maefield Development, Fortress Investment Group and the Nederlander Organization to undertake the redevelopment of 1568 Broadway in Times Square into a premier cultural, entertainment, retail and hospitality experience in the number one tourist destination in the world.

L&L will serve as an equity partner and developer, working in collaboration with Maefield and Fortress and in conjunction with the Nederlander Organization, on all aspects of planning and construction for the $2 billion project. The partnership has acquired all of the necessary project components, including the land, hotel and all of the signage rights. As part of the redevelopment plan, the Nederlander Organization will continue to own the historic Palace Theatre.

Highlights of the redevelopment include an impeccably restored historic Palace Theatre; prime street front retail and entertainment space; a 17,000 square-foot super-high-resolution new LED screen; and a 700-room luxury hotel. One of the most intricate parts of the redevelopment involves the landmarked Palace Theatre, which will be carefully lifted 29 feet, have its historic interior restored to its original 1913 grandeur, and benefit from renovations and expansion of its lobby, backstage operations and other public facilities. The project will also fund important neighborhood improvements through the investment in an enhanced subway entrance at the Southeast corner of 47th Street and 7th Avenue, where tens of thousands of riders pass through daily.

L&L Holding Chairman and CEO David W. Levinson said, “We look forward to working with Fortress, Maefield, the Nederlander Organization and the local community to produce an incredible new mecca for the arts, entertainment, cuisine and lodging in the heart of Times Square.”

Added L&L Holding President and Chief Investment Officer Robert Lapidus, “The redevelopment of 1568 Broadway is a perfect match for L&L Holding’s ability to tackle the most complex and intricate development projects and to do so in a way that creates enduring value for the residents and visitors of New York.”

L&L Holding is in the midst of its most ambitious expansion in its history. In addition to its new role at 1568 Broadway, the firm is currently building 425 Park Avenue, which will be the first full-block office development on the boulevard in half a century, and is undertaking the most ambitious re-massing of an office building in New York City history at 390 Madison. Earlier this year, L&L completed the redevelopment at 195 Broadway, which included the preservation and adaptive re-use of the lobby of the original AT&T building ,which is now home to Nobu and Anthropologie.

About L&L Holding Company

Manhattan-based L&L Holding Company, LLC is a privately-owned real estate investment company with a current portfolio exceeding 6 million square feet of office space primarily in Manhattan. For more information on L&L, visit their website

Jacqueline Hlavenka
+1 212-843-8339

Coming Up In The September Online Hotel Business Review

Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.