Partnering with Maefield Development, Fortress Investment Group has become the owner of 20 Times Square. All of Times Square will be radiating with the influence of this advisory firm. The company purchased the Palace Theater in February and two hotels on the 20 Times Square property. Maefield Development will be responsible for renovating a few of the buildings on this property. This property will be remade into being a luxury traveler’s dream destination in all of Times Square.
Together Fortress Investment Group and Maefield Development bought out all the other partners of 20 Times Square. Details released about the deal. The property is reported with over one billion dollars. Having full ownership means these two can completely remake this property into a place where resident and visitors can enjoy a luxury experience while seeing the beauty of Times Square. Fortress Investment Group is not new to being in the real estate and infrastructure markets. The firm invests in many different kind of ventures. 20 Times Square will be one of their best ventures yet.
Since 1998, Fortress Investment Group has built a reputation amongst investors as a trustworthy asset manager. The company is publicly owned and manages tens of billions of dollars annually for investor. They have become one of the world’s largest asset management firms. The company is based out of many cities. These cities include Philadelphia, New York City and Los Angeles. Other offices are located in Hong King, Singapore and Italy. This company is a resilient company. During the 2008 economic crisis, this company had to overcome challenges in the economy and market. By overcoming these challenges, it made the company an even better brand. Today, they still assist investors with their investments in real estate, credit, private equity and permanent investment strategies.
This new property will cover 75,000 square feet of Times Square. Commercial spaces will include dining options and retail stores for customers. Travelers will have a choice of two high end hotels. Bars and beer gardens will be available, Breath-taking views on a gorgeous patio will allow travelers to overlook the cityscape of Times Square.