Tribeach seeking 120K sf of Cort Theatre air rights for new Riu hotel City Planning would have to approve $400-a-foot purchase from Shubert
From left: Philip Smith, Robert Wankel (credit: Getty Images), Cort Theatre and the Hotel Riu Plaza New York Times Square
Tribeach Holdings, in partnership with Riu Hotels Resorts, is seeking to buy 119,000 square feet in air rights above the historic Cort Theatre from the Shubert Organization for north of $400 per square foot, sources told The Real Deal.
The square footage would allow the Spanish hotel chain and the developer to Grow Their Plans For A New Riu Plaza-branded hotel just south of the theater – from 27 to 48 stories and by nearly double the square footage.
The air rights deal is contingent, however, on a theater rehabilitation bonus in which Shubert would undertake substantial improvements and a historic restorat爱上海同城