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Tishman-Speyer reported shopping Macy's property
By John F. Bailey
CityLine: November 17 - WPCNR Newsroom
WPCNR learned Friday that a major realtor in White Plains reports that Tishman-Speyer Properties is quietly shopping the former Macy's property on Main Street, and effectively has thrown in the towel on the Tishman Speyer Town Center project.
WPCNR is attempting to confirm Tishman-Speyer intentions about the Town Center with their pubic relations firm, Steven Rubenstein & Associates in New York, in light of the fact that the giant developer supposedly had the Town Center facility 80% committed to potential clients, and that Target Stores had agreed to be the anchor in the store.
George Gretsas, Executive Officer for the city, told WPCNR this afternoon that Tishman-Speyer had told the city it was "exploring all options," and had been in touch with the city within the last month but had offerred no specific new replacement tenants to fill the void left by the Loews inability to convince potential lenders that Loews could fill its financial obligations to the project. Gretsas said when asked about the city buying back the property from Tishman Speyer that buying back the property "had not been discussed."
Mark Schuyler, President of White Plains Downtown Business Development told WPCNR he had not heard of it, but that "it does not surprise me." Schuyler said he did not expect Tishman-Speyer to be able to sell the property for the $12.4 million they purchased it for from the city, and that the developer had invested over $20 million, including the purchase purchase in the property.
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