In its two decades of existence, Fortress Investment Group has led the industry in numerous ways. First, it would be the first private equity company to list with the NYSE before its eventual acquisition by Japan’s Softbank saw it become the first to delist. In yet another industry first, the investor has partnered with major real estate industry players in New York to create the city’s first futuristic retail and hotel space in the heart of the all-famous Times Square. With the partnership, Fortress hopes to raise a $2.5 Billion TSX Broadway project. Visit linkedin.com
In making this TSX mega-development project a reality, Fortress investment group partners with L&L Holdings Limited as well as Maefiled Development. The two are among the largest and most influential New City real estate developers having developed over 15 million square foot of both residential and commercial real estate in the country. Fortress, therefore, hopes to rely on their experience, influence, and expertise in ensuring the completion and marketing of the upcoming project.
About the proposed development
Expected to be completed by 2021, the new TSX Broadway will come up near Broadway and 47TH street. According to the investment company, some of the most prominent features of the 46 story building will be a luxury hotel with 30 ‘Ball Drop Suites’ and over 90,000 square feet of ultra-modern retail space. This includes the 100 square feet space facing Times Square and over 15,000 square feet in the buildings ground floor.
Some of the more prominent features in the building will be the 18,000 square foot of Wraparound LED screen mounted on the building. This falls in line with the Times Squares signage theme and will be complemented by LED lighting on the entire building. According to Fortress Investment Group, this will be the most sophisticated visual element at the Times Square and the world by extension.
About Fortress group
Fortress investment group was started in 1998 as an alternative investment firm that for the best part of its existence concentrated on the credit and distressed debt markets. This approach to investment, however, changed after the 2008 financial crisis and subsequent acquisition by Softbank and banks are now more interested in asset-based investments. This explains the huge investments in such projects as TSX Broadway and Brightline passenger train.Read more on https://www.institutionalinvestor.com/article/b18bk5yhb04tbq/fortress-investment-group