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Re: MC owners' money. Where money go?

CraigNy APRIL 26, 2013 9:04 A.M. Eichner buys Vornado site The buyer of the long-stalled Harlem site sold by Vornado Realty Trust has been identified. Developer Bruce Eichner of Continuum Co. has purchased the site, located at the southwest corner of East 125th Street, between Madison and Park avenues, for $65 million. He plans to build a residential building there, according to the New York Post. The proposed 596,000-square-foot residential tower would include 600 market-rate and 200 affordable apartments. Vornado originally wanted to build a 640,000-square-foot office tower called Harlem Park, where the MLB Network would have been the anchor tenant, but that didn't pan out. Mr. Eichner's developments in the city include CitySpire, on West 56th Street, between Sixth and Seventh avenues, and 1540 Broadway, in Times Square. He is also the owner-operator of the Manhattan Club, a ritzy time-share condominium at 200 W. 56th St. that has generated a slew of complaints from owners who are so fed up with not being able to use their time-share that they have been trying to unload their shares. http://www.crainsnewyork.com/article/20130426/BLOGS03/130429908