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A small piece of prime Times Square property comes to auction this week in a test of just how strong that market has become.
The parcel, 1567 Broadway at 47th Street, is being sold by Banque Nationale de Paris as the long-awaited outcome of its foreclosure proceeding against the partnership that has owned the five-story building since 1989. That partnership includes developers Elie Hirschfeld and Arthur G. Cohen and restaurateur Dennis Riese.
"It's going to be an interesting process because Times Square is the hottest real estate market in the country," says Jeffrey Katz, president of Sherwood Equities Inc., which owns 1 and 2 Times Square.
While the bank declines to say how much it wants at auction, real estate sources speculate that the figure is near $30 million.
There's no question that the market in Times Square is vibrant. The Durst Organization's new office building at 4 Times Square has lured Conde Nast and law firm Skadden Arps Slate Meagher & Flom. Retailers and restaurateurs, like Planet Hollywood and Dive, have...