Real Estate
Goldman-Led Lender Group Takes Control of Times Square Tower
- Bank backed project at 1568 Broadway, which includes a hotel
- SL Green was named to manage the new Manhattan building
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A consortium of lenders led by Goldman Sachs Group Inc. took over control of TSX Broadway, a development in the heart of New York City’s Times Square, after its owners failed to repay the loan on the site.
The lenders named SL Green Realty Corp. to manage the more than $2.5 billion entertainment and hotel project at 1568 Broadway, according to people familiar with the matter who asked not to be identified citing private details. SL Green’s appointment is a step that could help the lenders prepare the site for a potential sale, the people said.