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Maefield buying Witkoff and Winthrop out of 701 Seventh Avenue in $1.5B deal: sources

Maefield buying Witkoff and Winthrop out of 701 Seventh Avenue in $1.5B deal: sources

Maefield Development is buying out its partners Steve Witkoff and Winthrop Realty Trust in the Times Square hotel tower under construction at 701 Seventh Avenue in a deal valuing the project at $1.53 billion, The Real Deal has learned. Michael Ashner’s Winthrop said in an SEC filing Wednesday that the ownership entity had signed a contract on Feb. 13 to sell the property to an entity affiliated “with a current indirect member of the sellers.” […]


Source: realdeal

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