Times Square Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! ==== 1980s building boom ==== In the 1980s, a commercial building boom began in the western parts of Midtown as part of a long-term [[development plan]] developed under mayors [[Ed Koch]] and [[David Dinkins]]. These included office buildings such as [[1540 Broadway]], [[1585 Broadway]], and [[750 Seventh Avenue]], as well as hotels such as the [[Millennium Times Square New York|Macklowe Hotel]], [[New York Marriott Marquis|Marriott Marquis]], [[Crowne Plaza Times Square Manhattan|Crowne Plaza]], and DoubleTree Suites.<ref name="nyt-1986-11-01">{{Cite news |last=Gottlieb |first=Martin |date=November 1, 1986 |title=Surge of Times Sq. Projects Raises Questions on Effects |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/11/01/nyregion/surge-of-times-sq-projects-raises-questions-on-effects.html |url-status=live |access-date=February 14, 2022 |archive-url=https://web.archive.org/web/20220210171139/https://www.nytimes.com/1986/11/01/nyregion/surge-of-times-sq-projects-raises-questions-on-effects.html |archive-date=February 10, 2022 |issn=0362-4331}}</ref> By 1986, [[New York City Planning Commission]] (CPC) was considering enacting regulations that would have forced new buildings along Times Square to include bright signage as well as deep [[Setback (architecture)|setbacks]].<ref>{{Cite news |last=Oser |first=Alan S. |date=December 14, 1986 |title=Perspectives: Great White Way; Planning for a Brighter Times Sq. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1986/12/14/realestate/perspectives-great-white-way-planning-for-a-brighter-times-sq.html |url-status=live |access-date=February 14, 2022 |archive-url=https://web.archive.org/web/20220214185322/https://www.nytimes.com/1986/12/14/realestate/perspectives-great-white-way-planning-for-a-brighter-times-sq.html |archive-date=February 14, 2022 |issn=0362-4331}}</ref> The CPC adopted a planning regulation in 1987, which required large new developments in Times Square to set aside about 5 percent of their space for "entertainment uses".<ref name="nyt-1987-09-03">{{Cite news |last=Dunlap |first=David W. |date=September 3, 1987 |title=New Rule for Times Sq. Space |language=en-US |work=The New York Times |url=https://www.nytimes.com/1987/09/03/nyregion/new-rule-for-times-sq-space.html |url-status=live |access-date=February 10, 2022 |archive-url=https://web.archive.org/web/20220210171136/https://www.nytimes.com/1987/09/03/nyregion/new-rule-for-times-sq-space.html |archive-date=February 10, 2022 |issn=0362-4331}}</ref>{{efn|Any development under {{cvt|60000|ft2}} was exempt from the rule; for larger buildings, the first {{cvt|50,000|ft2}} of a development was exempt from the bonus calculation. For example, in a building with {{cvt|500000|ft2}}, the bonus calculation was derived from 5 percent of {{cvt|450000|ft2}}, so the space to be set aside for entertainment uses was {{cvt|22500|ft2}}.<ref name="nyt-1987-09-03" />}} The regulation also required new buildings on Times Square to include large, bright signs.<ref name="nyt-1987-09-03" /> The buildings at 1540 Broadway, 1585 Broadway, and 750 Seventh Avenue were completed at with the beginning of the [[early 1990s recession]], when 14.5 percent of Manhattan office space was vacant.<ref name="p236695270">{{Cite magazine |last1=Light |first1=Larry |last2=Meehan |first2=John |date=July 2, 1990 |title=Finance: real estate: the walls keep closing in on New York developers |issue=3167 |page=72 |id={{ProQuest|236695270}}|magazine=Bloomberg Businessweek}}</ref> Furthermore, some {{cvt|9|e6ft2|m2}} of office space in the western section of Midtown had been developed in the 1980s, of which only half had been leased.<ref>{{harvnb|Stern|Fishman|Tilove|2006|ps=.|p=663}}</ref><ref>{{Cite news |last=Lueck |first=Thomas J. |date=March 4, 1990 |title=Battling for Tenants in a Slow Market |language=en-US |work=The New York Times |url=https://www.nytimes.com/1990/03/04/realestate/battling-for-tenants-in-a-slow-market.html |url-status=live |access-date=February 11, 2022 |archive-url=https://web.archive.org/web/20220211013942/https://www.nytimes.com/1990/03/04/realestate/battling-for-tenants-in-a-slow-market.html |archive-date=February 11, 2022 |issn=0362-4331}}</ref> Consequently, 1540 Broadway was completely empty, while 1585 Broadway and 750 Seventh Avenue had one tenant each, despite the buildings having over {{cvt|2|e6ft2}} of office space between them.<ref name="p236695270" /><ref>{{Cite news |last=Dunlap |first=David W. |date=August 26, 1990 |title=Commercial Property: Vacancy Rates; Black Monday's Fallout: An Emptiness Downtown |language=en-US |work=The New York Times |url=https://www.nytimes.com/1990/08/26/realestate/commercial-property-vacancy-rates-black-monday-s-fallout-an-emptiness-downtown.html |url-status=live |access-date=February 10, 2022 |archive-url=https://web.archive.org/web/20210821004118/https://www.nytimes.com/1990/08/26/realestate/commercial-property-vacancy-rates-black-monday-s-fallout-an-emptiness-downtown.html |archive-date=August 21, 2021 |issn=0362-4331}}</ref> Entertainment conglomerate [[Bertelsmann]] bought 1540 Broadway in 1992,<ref name="nyt-1992-03-04">{{Cite news |last=Bartlett |first=Sarah |date=March 4, 1992 |title=Media Group Makes a Deal For Building |language=en-US |work=The New York Times |url=https://www.nytimes.com/1992/03/04/nyregion/media-group-makes-a-deal-for-building.html |url-status=live |access-date=February 10, 2022 |archive-url=https://web.archive.org/web/20191217211641/https://www.nytimes.com/1992/03/04/nyregion/media-group-makes-a-deal-for-building.html |archive-date=December 17, 2019 |issn=0362-4331}}</ref><ref name="n94674085">{{Cite news |last=Henry |first=David |date=March 4, 1992 |title=A New Player on Times Square |pages=52, [https://www.newspapers.com/clip/94674154/ 55] |work=Newsday |url=https://www.newspapers.com/clip/94674085/a-new-player-on-times-squaredavid-henry/ |url-status=live |access-date=February 10, 2022 |archive-url=https://web.archive.org/web/20220210211322/https://www.newspapers.com/clip/94674085/a-new-player-on-times-squaredavid-henry/ |archive-date=February 10, 2022 |via=newspapers.com}}</ref> spurring a revival of Times Square in the early 1990s.<ref>{{cite magazine |last=Gelbtuch |first=Howard |date=February 19, 1996 |title=The ground floor: The times they are a changin' in Times Square and early investors get bargains |volume=76 |issue=8 |page=48.1 |id={{ProQuest|200987811}}|magazine=Barron's}}</ref><ref>{{cite magazine |last=Grant |first=Peter |date=September 6, 1993 |title=Times Square's time has come |volume=9 |issue=36 |page=11 |id={{ProQuest|219117979}}|magazine=Crain's New York Business}}</ref> This was hastened when financial firm [[Morgan Stanley]] bought 1585 Broadway in 1993,<ref name="nyt-1993-08-12">{{Cite news |last=Pinder |first=Jeanne B. |date=August 12, 1993 |title=Midtown Building Is Sold for Lofty $176 Million |language=en-US |work=The New York Times |url=https://www.nytimes.com/1993/08/12/nyregion/midtown-building-is-sold-for-lofty-176-million.html |url-status=live |access-date=February 15, 2022 |archive-url=https://web.archive.org/web/20220215061915/https://www.nytimes.com/1993/08/12/nyregion/midtown-building-is-sold-for-lofty-176-million.html |archive-date=February 15, 2022 |issn=0362-4331}}</ref> followed by 750 Seventh Avenue in 1994.<ref name="p219127068">{{cite magazine |last=Grant |first=Peter |date=May 9, 1994 |title=IBM gets record price for NY headquarters |volume=10 |issue=19 |page=1 |id={{ProQuest|219127068}}|magazine=Crain's New York Business}}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. 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