Time Equities, the large Manhattan-based developer and landlord, has pulled out of a deal with the city to redevelop three buildings on the Sunset Park waterfront, reports The Real Deal. Last year, the Economic Development Corporation had picked Time Equities to rehab Bush Terminal Buildings B and C between 41st and 43rd Streets and continue operating them as industrial buildings while converting the 1,100,000-square-foot Federal Building No. 2 (at right) into a mixed-use complex with retail. Given the direction the market has taken in recent months, the news was not a huge surprise. "Their return would be less than what they thought," said commercial broker Neil Dolgin, "and financing is very difficult."
Time Equities Abandons Two Brooklyn Waterfront Projects [TRD]
Time Equities' Other Big Project on Sunset Park Waterfront [Brownstoner]
