The 40,000 square foot corner lot at West 42 Street and Eighth Avenue, located across from the Port Authority terminal may go up for sale within a few weeks, the Daily News reports (July 27).
The large lot, now being used for parking, is jointly owned by two real estate families led by Howard Milstein and Jack Weiler respectively. When Milstein's plans to develop the plot did not go through, lawsuits were filed among members of the Milstein family and then separately with the Weilers.
Later, at the urging of a Manhattan Supreme Court judge, the partners agreed on a settlement which involves selling the land while the market is favorable.
Times Square developer Douglas Durst may be making a bid, along with a handful of other exclusive developers. The property could fetch between $125 - $150 million, the News suggested.
-- By Murdoch McBride
