Prudential Real Estate Affiliates Inc.

The last remaining parcel in the 42nd Street redevelopment plan gets sorted out in the final days of the Pataki Administration.

Charles Gargano, chairman of the Empire State Development Corporation, announced in a press release on Thursday that the deal with SJP Properties and Prudential Real Estate Investors, which purchased the Eighth Avenue corner from the Milstein family earlier this year, closed, and that it will be office rather than residential--a victory for Gargano and the logical choice for the developer as well, given that is where the demand is.

The new tower will be a million square feet, 40 stories tall, and no more than 600 feet high, according to ESDC spokeswoman Jessica Copen, which is lower than the new New York Times building to the south.

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- Matthew Schuerman