Get ready to move 313-317 East 46th Street out of the Arrested Development column. The United Arab Emirates has dropped $44.7 million on the stalled site, owned by developer Alexander Gurevich. Gurevich -- who picked up the site from Extell Development in 2007 for $40.95 million -- was planning a kind of generic-sounding 24-story glassy condo tower, Alexander Plaza. He got six stories in before the economy interfered, and foreclosure proceedings started earlier this year. The UAE hasn't yet said what it plans to do with the site, but the Observer suggests a new consulate, given the building's proximity to the UN. We call boring! Don't be afraid to go a little flashier, UAE. Think Burj Dubai.
· Oil-Rich UAE Buys Distressed 46th Street Site [NYO]
· Official Site: Alexander Plaza [alexanderplazany.com]