Boston Properties agreed yesterday to buy the New York Coliseum for $455 million -- the largest real estate deal in city history -- and build two office towers containing a shopping mall, hotel and condominiums. "Obviously it's one of the greatest sites in New York," said Boston Properties Chairman Morton Zuckerman, "the single largest and most dramatic development that has come along in New York City in the last 25 or 30 years."
In addition to the $455 million price, Phibro-Salomon Inc. agreed to a 15-year lease worth $1 billion, making the deal the largest in the country for a site that size.
Boston Properties will demolish the Coliseum at the intersection of Broadway and Columbus Circle and build two towers, one 72 and one 57 stories tall. The towers will house corporate offices, a shopping gallery, a 225-room hotel and 270 luxury condominiums.
The site of the Coliseum is currently owned by the city and the Metropolitan Transportation Authority. The facility was made obsolete by the construction of the Jacob K. Javits Convention Center, scheduled to open in 1986.
The money from the sale will be used in various mass transit rebuilding projects in a plan formed by the city and the MTA.