The NYP reports
To read the full NYP article, click HERE.Stalled or slow-moving development sites have left unsightly empty lots and craters.
Several store sites have failed to draw tenants after years of trying, while more space continues to come onto the market.
On the possible good news front, Phillips is said by several sources to have signed a lease for 30,000 square feet at the base of Somerset Partners' 450 Park Ave., the black-glass tower it bought in 2007 for a record, near-$1,600 a square foot (remember those days?).
Somerset Executive Vice President Gregory Knoop did not return calls.
The lease would be for a relatively short term — just five years. But it would eliminate one of 57th Street's most embarrassing vacancies on a corner flanked by an empty lot and empty store buildings, where Harry Macklowe's development plans are bogged down with lenders.
Phillips was recently purchased by Russia's Mercury Group.
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