On Friday, The Real Deal filed an update on the famed Hell's Kitchen Swimming Hole, also known as the Related Companies' failed Cirque du Soleil theater/luxury development near the mouth of the Lincoln Tunnel. It's long been said that Related was now planning a 60-story hotel/condo for the site, so what's with the hold up? Reports TRD:
Twining Properties and Macfarlane Partners, The Related Companies' partners at a long-stalled development site that covers an entire block at 42nd Street and Tenth Avenue, have cashed out their shares in the project. Meanwhile, Goldman Sachs and MSD Capital, which became the firm's first outside investors last month, are now equity partners on the project at 440 West 42nd Street, said Related spokeswoman Joanna Rose. "We are moving forward with the project and we hope to reveal details on it very soon," Rose said.Swapping partners like it's no big deal? Related, we didn't know you got down like that!
· Related switches partners at big 42nd Street and Tenth Avenue project [TRD]
· Hell's Kitchen Swimming Hole Might Go Hotel [Curbed]
· New Development Amenity Update: Cirque Du Soleil [Curbed]