Fortress Investment Group Makes its Mark at 20 Times Square

Times Square in New York City is getting a partial makeover thanks to Fortress Investment Group. The Marriott EDITION hotel at 20 Times Square, which is currently still under construction, was purchased in February by the company and other entities. The value of the property at 20 Times Square was valued at $1.53 billion at the time of its closing.

Founded in 1998 by Randal Nardone, Wesley Edens and Rob Kauffman, Fortress Investment Group focused on hedge funds. The company has grown exponentially since, now priding itself in the management of assets for over 1,750 private investors and institutional clients. The company focuses on private equity, credit and real estate, as well as permanent capital investment strategies. Over $41.4 billion of assets are under the management of Fortress.

Fortress Investment Group, along with partners Maefield Development, initially had partnered with Winthrop Realty Trust, and Howard Lorber’s New Valley, Ian Schrager and Steve Witkoff. They bought what was originally an office building for $430 million in 2012. The group began construction on the Times Square EDITION in 2015, a 39-story upscale hotel with over 450 rooms. Maefield and Fortress bought out their partners as part of the new deal.

What changes will come for 20 Times Square? The Times Square EDITION will host a variety of attractions for those who stay, whatever their reasons are. Over 5,000 square feet of space is available for events. A restaurant and beer garden are available for those who are thirsty, and a state-of-the-art fitness club is an alternative destination for those with wanting to stay in shape on-the-go.

There will be plenty of shopping and available, as well. Over 76,000 square feet of retail space will be filled, with the NFL already staking claim to 25,000 square feet of it. The influx of travelers staying so close to the rest of Times Square will certainly be a boost to the local businesses already calling this historic district home.

Two new Hotels in the area means Fortress Investment Group is making its mark on the culture and landscape of New York City. Of the two new hotels, Times Square EDITION will be the more luxury-minded, but both will have a lot to offer visitors to the city. With over 700 rooms to be available in the heart of Times Square, that will be good news to locals and travelers alike.

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