One Times Square owner looking to construct observatory for prime New Year’s Eve views

Posted On Wed, January 30, 2019 By

Posted On Wed, January 30, 2019 By In Midtown, real estate trends

Via Flickr

The most looked-at building in the world is getting a makeover. According to Crain’s, Jamestown will redevelop One Times Square, the 23-story building that garners the attention of millions for its famed ball drop every New Year’s Eve. The owner plans on installing 32,00 square feet of new signage, including a 350-foot-tall digital sign. To cash even further on its prime location, Jamestown may construct an observatory for NYE revelers to be at the heart of ball-drop festivities.

The owner is also looking at finding a new tenant, while either terminating the space of the current occupant Walgreens or reducing the store’s footprint at One Times Square. Previously, Walgreens’ lease gave it control of the entire building, but the contract has recently been restructured to return operation back to Jamestown.

According to the Real Deal, the property generates roughly $23 million in advertising each year. “One Times Square has long been an iconic center point for advertising global brands,” Michael Phillips, president of Jamestown, said in a statement to Crain’s. “This new signage will feature the most innovative digital technology and bring added value to better serve future advertisers.”

The building, which was built in 1904 as the offices for the New York Times, has had trouble leasing space on its upper floors because the billboards cover the windows.

Jamestown first presented its plan to renovate the tower in 2017. In a proposal to Manhattan Community Board 5, the real estate firm said it wanted to build a museum on floors 15 through 17 that would explore the history of the neighborhood. In this proposal, the observation deck would be located on the 18th floor.

Also included in the plan, a renovation and expansion of the entrance to the Times Square- 42nd Street station, which sits below the building.

[Via Crain’s]

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