At the former headquarters of The New York Times, at 229 West 43rd Street, the landlord Africa Israel is increasing marketing efforts for the last two available retail spaces at the building. Vornado declined to comment.Īctivity also is occurring along side streets. Vornado is also installing a 25,000-square-foot, 80-foot-high LED sign that will cover the Broadway face of the hotel and wrap 50 feet around each side of the building. Ground is expected to be broken late this year or early next.Īs part of the redevelopment, Vornado plans to create a glass facade for the stores, which will include 20,000 square feet on the ground floor and 25,000 square feet below ground, and reposition them to face Broadway. The project, which would include closing the arcade that runs under the hotel, is in the planning stages. It also plans a $140 million redevelopment of the retail space across the street at 1535 Broadway, underneath the New York Marriott Marquis Times Square. “In our case, we felt this was a mixed-use project, and we went out and landed a hotel deal.” Lorber’s New Valley L.L.C., and the investors Winthrop Realty Trust and Maefield Development. Witkoff, whose firm, the Witkoff Group, is a partner in the project with Howard M. “There were plenty of people who were trying to buy this site, but they wanted to break ground immediately to capture the white-hot retail market,” said Steven C. The building will have a 20,000-square-foot LED sign on its facade. The retail space, which will feature 25-foot glass storefronts, will be spread across the first four floors and two basement levels, and 40,000 square feet on the seventh and eighth floors will be set aside for an event space, club, several restaurants and 6,000 square feet of terraces. One of the largest projects is at 701 Seventh Avenue, at 47th Street, where a building will be razed and replaced by 85,000 square feet of retail space and a 500-room Marriott Edition boutique hotel. In the wake of such demand, developers are snatching up properties and repositioning buildings to create additional supply. “We expect more than 54 million this year.” “Rents in the area are approaching Fifth Avenue levels, and while a lot of this is due to the cleanup that began in the 1990s, even more is due to the massive influx of tourists over the last few years,” said Faith Hope Consolo, chairwoman of the retail group at Douglas Elliman Real Estate. That spending has contributed to the skyrocketing retail rents. Ground is scheduled to be broken this year on an $800 million, 39-story hotel and retail complex at 701 Seventh Avenue, at the northern edge of Times Square, and plans for a $140 million renovation of the retail beneath the New York Marriott Marquis Times Square are also under way.Įach day 370,000 pedestrians traipse through the Times Square bow tie, where Broadway and Seventh Avenue intersect, and each year shoppers spend $6.5 billion in the area’s stores, according to the Times Square Alliance. Reflecting rising demand, asking retail rents topped $2,400 a square foot in the fourth quarter of 2012, a jump of nearly 42 percent from a year earlier and second only to rents on Fifth Avenue, according to CBRE, a commercial real estate brokerage. In recent months, that progress has gone into high gear, with rents reaching new highs and several redevelopment projects proceeding. Some two decades ago, New York City began a huge cleanup of its downtrodden theater district, vastly improving the fortunes of the pedestrian-clogged Times Square neighborhood.
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