This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

New Valley, The Witkoff Group And Winthrop Realty Trust Acquire 701 Seventh Avenue

Stocks in this article: VGR

A group led by New Valley LLC (“New Valley”), which is wholly owned by Vector Group Ltd. (NYSE: VGR), The Witkoff Group and Winthrop Realty Trust (NYSE: FUR), today announced that it has acquired 701 Seventh Avenue in New York, NY (the “Property”). New Valley, The Witkoff Group, Winthrop and other parties are providing equity investments for the transaction, with Starwood Capital Group providing both debt financing and equity.

The Property, located on the northeast corner of Seventh Avenue and 47 th Street in the Times Square submarket of New York City, totals approximately 120,000 gross square feet. It is a rectangular corner parcel (0.4 acres) occupied by two buildings, both of which were constructed in the early 1900s. The site will be fully redeveloped with new retail, signage and other best uses. Times Square is one of the most coveted tenant destinations in the world, attracting more than 500,000 people per day spending more than $4.8 billion annually on hotels, retail and entertainment.

“We are thrilled to be partnering with The Witkoff Group and Winthrop to acquire this prime real estate asset on a desirable corner in Manhattan’s Times Square area,” said Howard M. Lorber, President and Chief Executive Officer of Vector Group, New Valley’s parent company. “We see many attractive redevelopment opportunities for this site, which will include premium space for retail, entertainment, food and beverage businesses, as well as a site for a potential 30-story hotel.”

Steven C. Witkoff, Chairman, Chief Executive Officer of The Witkoff Group, said, “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. In addition, because of the property’s first-rate location, there are also immediate opportunities to modernize the site’s signage and monetize its air rights. We look forward to partnering with New Valley and Winthrop on this exciting new project.”

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs