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Developer Robert Gladstone is near a deal to buy the old Roxy Deli site that could bring the Rainforest Cafe and a new Sheraton hotel to Times Square.
Mr. Gladstone, whose family company is Madison Equities, has been circling 1567 Broadway for months. Real estate sources say that he will soon sign a deal with Banque Nationale de Paris to buy the site in the neighborhood of $40 million. The bank bought back the property for $31 million late last year in an auction that followed a 1993 foreclosure proceeding.
Mr. Gladstone didn't return calls seeking comment. But Rainforest Cafe, a restaurant...