Hectic Times Square Is Keeping the Developers Busy

(The New York Times) 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. In recent months, that progress has gone into high gear, with rents reaching new highs and several redevelopment projects proceeding.

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. 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.

Source: http://www.nytimes.com/2013/03/13/realesta...