MHP and its partners, Soho Properties and international hotelier Hampshire Hotels Management LLC, announced the acquisition of 560 Seventh Avenue on the northwest corner of 40th Street in Times Square as a part of a development project valued in excess of $300 million, to make way for the creation of a new luxury hotel and 20,000sf of destination retail. James Tamborlane of MHP brokered the acquisition and the air rights, while Jesse Rubens and James Tamborlane of MHP procured the debt from Colony Capital.