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Article: Louis Vuitton, New York Partner to Continue Building Swanky Tower.(Originated from Daily News, New York)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 16, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dec. 16--Louis Vuitton and its New York partner have hammered out a $19 million deal allowing construction to continue on the tony retailer's swanky 57th St. tower after a year-long delay.
Building was halted last January after just three stories of framing on the futuristic structure when Louis Vuitton and partner Robert Siegel failed to agree on how to fund cost overruns.
Siegel has claimed that the project, which calls for a 23-story structure when completed, will now cost $50 million to $55 million, about $25 million over budget.
Under the new deal, Louis Vuitton will lend the partnership $19 million to keep the work going. ...