SJP Properties moves forward with plans for new Times Sq. tower.

Empire State Development Chairman Charles A. Gargano announced that ESD has concluded a sale transaction with SJP Properties for the development of a million-square-foot office building on a long-vacant site at the southeast corner of 42nd Street and Eighth Avenue in Manhattan's Times Square.

"I am pleased to announce another step forward in the transformation of 42nd Street, chairman Gargano said. "Manhattan's office market is in need of new, state-of-the-art office buildings, and we applaud SJP's commitment to create such space on the last undeveloped site within ESD's 42nd Street Project. With the headquarters of The New York Times Company next door slated for completion in 2007, and with offices, theaters, movies, and restaurants already thriving in the area, the SJP building will be a welcome addition to the neighborhood. ESD's redevelopment and revitalization of West 42nd Street will continue to provide New Yorkers and visitors alike with a world-class destination for working, shopping, entertainment, dining, and sightseeing for decades to come. This is a huge milestone and the realization of Gov. Pataki's vision. Times Square has truly become, once again, the Crossroads of the World."

"SJP Properties is pleased to be rapidly moving forward on this new one-million-square-foot office tower and we truly appreciate Empire State Development's strong support in bringing this complex project to fruition in a timely manner," said Steven J. Pozycki, chairman and CEO of SJP Properties.

"We look forward to breaking ground this summer and delivering a world-class office tower for commercial tenants by the first quarter of 2009.

"This project represents a remarkable opportunity to meet the unprecedented demand expressed by large corporations seeking state-of-the-art space in the midtown market."