Developer Gary Barnett is finally backing down from a development game he's been playing with 16-18 West 57th Street, which he bought for $80 million in 2011. Barnett had originally planned a high-end hotel for the spot, which separated two properties owned by developer Sheldon Solow. But perhaps Barnett's buy was just meant to forestall Solow's development while Barnett's One57 was under construction nearby. [NYP; previously]
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