One Astor Plaza
One Astor Plaza | |
---|---|
General information | |
Type | Office |
Location | 1515 Broadway, New York, New York 10036 |
Coordinates | 40°45′28″N 73°59′11″W / 40.75778°N 73.98639°W |
Construction started | 1969 |
Completed | 1972 |
Opening | May 26, 1971 |
Owner | SL Green Realty (53%), Allianz (47%)[1] |
Height | |
Roof | 745 ft (227 m) |
Top floor | 655 ft (200 m) |
Technical details | |
Floor count | 54 |
Floor area | 1,721,814 sq ft (160,000 m2) |
Design and construction | |
Architect(s) | Der Scutt |
Developer | Sam Minskoff & Sons, Inc. |
References | |
[2][3] |
One Astor Plaza, also known as 1515 Broadway and formerly the W. T. Grant Building, is a 54-story office building on
The building consists of a low base that occupies most of the site, as well as a 745-foot-tall (227 m) tower section with smaller floor areas. The
Sam Minskoff and Sons bought the Hotel Astor site in 1966 and initially proposed a 50-story tower without any theaters. Following a series of discussions, the Minskoff Theatre was included in exchange for additional floor area. Construction began on October 10, 1968, and the first tenants moved into the building in May 1971, with the building being completed the next year. One Astor Plaza was originally named for its anchor tenant, the
Site
One Astor Plaza is at 1515 Broadway, along Times Square, in the Midtown Manhattan neighborhood of New York City.[4][5] While the building carries a Broadway address, it is actually on the west side of Seventh Avenue.[5] The section of Broadway and Seventh Avenue between 43rd and 45th Streets is officially listed on city maps as "Times Square",[6][a] but the adjoining section of Broadway was converted into a permanent pedestrian plaza in the 2010s.[7][8] One Astor Plaza's rectangular land lot is bounded by Times Square to the east, 45th Street to the north, Shubert Alley to the west, and 44th Street to the south. The lot spans 65,764 square feet (6,109.7 m2),[5][9] with a frontage of 200 feet (61 m) on Times Square and 327 feet (100 m) on 44th and 45th Streets. Shubert Alley, which covers 6,400 square feet (590 m2) of the land lot, is a private passageway shared with the Shubert Organization.[5] The intersection of Times Square and 44th Street, directly outside One Astor Plaza, was renamed after Viacom founder Sumner Redstone in 2021.[10]
The surrounding area is part of Manhattan's
Prior to the development of One Astor Plaza, the site had been owned by the
Architecture
One Astor Plaza was developed by the
The building has 54 stories and measures 745 feet (227 m) to its pinnacle.
Form and facade
One Astor Plaza consists of a 54-story office tower above a low base. The tower stories are set back 135 feet (41 m) from Broadway.[14][18] Under normal zoning regulations, the maximum floor area ratio (FAR) for any building on the tower's site was 15, but the developers received two bonuses of 20 percent each, bringing the FAR to 21.6. The developers had to include privately owned public space at the building's base for the first bonus, and they built a new theater for the second bonus.[9][19] The Minskoff Theatre was among the first theaters built under a 1968 regulation that allowed office buildings to include a legitimate theater in exchange for additional floor area.[20][21] The bonus applied only to Broadway theaters; the movie theater in the basement did not provide any FAR bonus for the building.[9] The building has two privately operated public spaces: the open-air Shubert Alley, as well as a ground-floor arcade beneath the center of the tower.[19]
At the base of the tower, the facade's Broadway
The tower's facade is largely made of dark glass.
Structural features
One Astor Plaza's
Interior
Palladium Times Square
The
Ground level and lobby
The building's main entrances are at the southeast and northeast corners, facing Times Square. Inside the entrances, escalators lead to the office lobby, which is on the second floor.[18] The lobby contains the artwork Alight Embrace by Chris Cosma, which was installed in 2010. The artwork consists of a 4,000-square-foot (370 m2) section of wall between the two entrances, weighing 60 short tons (54 long tons; 54 t), and is made up of 1,100 glass panels measuring 16 by 36 by 2 inches (406 by 914 by 51 mm).[43]
At the first floor, there is a covered arcade under the center of the building, connecting 44th and 45th Streets.
Second-floor studios
Viacom repurposed the space as a 20,000-square-foot (1,900 m2) television studio for
Despite reports that MTV planned to completely vacate its studio space,[59][60] Viacom renewed its lease for a smaller portion of the space in late 2010.[61] The remaining portion was leased to Aeropostale, which operated in the space from 2010[49] until 2016.[62] Viacom re-leased the Aeropostale space in 2017 in preparation for its relaunch of TRL.[63]
In 2020, after CBS Corporation and Viacom merged again, CBS News used part of the MTV Studios space for its coverage of the 2020 presidential election;[64] the windows were blanked out for security reasons.[65] In September 2021, CBS's new morning show CBS Mornings premiered in a portion of the MTV Studios space (replacing CBS This Morning, which aired from the CBS Broadcast Center), using a modified version of the election set.[65][66] The studio was christened "Studio 1515" in reference to the building's address.[65] MTV retains a portion of studio space in the southern end of the building (which formerly comprised the Downtown Studio) for its weekly Fresh Out Live program. Comedy Central's The Daily Show with Trevor Noah was temporarily housed in One Astor Plaza from September 2021 to March 2022.[67][68]
Third floor
One Astor Plaza's Broadway theater, Minskoff Theatre, was named after the building's developers and is on the building's third floor.[4] Der Scutt designed the Minskoff,[20][69] with Ben Schlanger as a consulting architect.[9][69] Jo Mielziner was the consultant for the theater's original operator, Albert Selden.[69][70] The Minskoff, Gershwin, Circle in the Square, and American Place theaters were all constructed under the Special Theater District amendment of 1967 as a way to give their respective developers additional floor area.[20][71] The escalators from the building's ground-story arcade lead to the third-floor grand foyer, where additional escalators lead to the auditorium seating.[22] The Minskoff Theatre has 1,621 seats across two levels: a steeply raked orchestra and a smaller mezzanine. The Nederlander Organization operates the theater.[72]
Formerly, the third floor also contained the Minskoff Recording Studios, which opened in 1976. Originally, the studios ranged in size from 11 by 11 feet (3.4 by 3.4 m) to 32 by 38 feet (9.8 by 11.6 m). Each studio was soundproofed, enabling numerous tenants to use the studios simultaneously.[73] These studios hosted rehearsals for many large Broadway musicals, as they were the only studios in the area that could accommodate large Broadway productions.[74][75] By the late 1980s, the studio sizes ranged from 270 square feet (25 m2) for studio 7 to 1,856 square feet (172.4 m2) for studio 3. Rental rates for the studios varied depending on the studios' sizes, with studio 7 charging $10 an hour and studio 3 charging $5 per hour, although discounted rates were charged for eight-hour and week-long rentals. Despite the studios' popularity, they closed in 1989 due to rising rents.[74]
History
After World War II, development of theaters around Times Square stalled, and the area began to evolve into a business district.[76] The first proposal to convert the Astor Hotel site to offices had been put forth in 1947, when Metro-Goldwyn-Mayer had unsuccessfully proposed leasing the entire hotel for its own offices.[18][77] When real estate developers Webb and Knapp leased the hotel in 1954, they pledged to keep the hotel operating.[78] Astor Associates bought the hotel in 1958 and took over operation after Webb and Knapp went bankrupt in 1965.[79] Webb and Knapp's former president William Zeckendorf formed Place de L'Etoile Inc. in December 1965, seeking to buy the Astor Hotel,[80][81] but this was unsuccessful.[79] The New York Times attributed the hotel's decline to the fact that, because of the growing popularity of automobiles, visitors could stay in a suburb rather than the city's center.[82]
Planning
Initial plans
In January 1966,
In January 1967, Kahn and Jacobs announced that Minskoff's tower, One Astor Plaza, would be 50 stories tall with a facade of stone and tinted glass.
Theater efforts
The UDG proposed that One Astor Plaza include a theater, a suggestion that the Minskoffs initially opposed. The family brought their concerns to CPC chairman Donald H. Elliott, who supported the theater, then to mayor Lindsay, who not only endorsed the CPC and UDG but convinced the Minskoffs to include a theater in their tower. The Minskoffs then submitted several alternative plans for a tower on the Astor site.[32] The first such plan called for a tower that had twice the site's maximum floor area ratio, with a theater in the back. A second plan called for a tower, which Richard Weinstein of the UDG subsequently recalled as "a mindless, ominous, faceless structure, legal under existing zoning, with two low, clawlike appendages [...] pinching a small plaza between them".[32][96] Though Weinstein said he initially remembered "feeling very depressed" at the Minskoffs' tower-with-theater plans, Elliott was "elated", saying: "I think you guys have got your theater".[32][97] When Weinstein expressed his doubts about the building's floor area, Elliott responded: "Oh, that. That just shows they're ready to negotiate."[97]
In October 1967, the CPC proposed the Special Theater District Zoning Amendment, which gave zoning bonuses to office-building developers who included theaters.[98][99][100] The proposed legislation would directly allow theaters in One Astor Plaza and the Uris Building,[101][102] which would be the first completely new Broadway theaters since the Mark Hellinger Theatre was completed in 1930.[103][104][c] The Minskoffs were allowed to build 47 stories as-of-right, or without any zoning bonuses,[106] but the Minskoffs could add 125,000 square feet (11,600 m2) in exchange for building a Broadway theater.[31] The CPC approved the theater amendment that November,[71][101][107] and the New York City Board of Estimate gave final approval to the proposal the next month.[108][109] As planning progressed, members of the Broadway-theatre industry expressed concerns that theatrical experts had not been consulted in the design of One Astor Plaza's theater.[110]
The Lehman Brothers became partners in One Astor Plaza in March 1968.[14][111] At the time, the vacant site was being used for parking, since the Minskoffs were requesting city approval for another modification that would allow a movie theater to be built in the basement.[14] The next month, the CPC scheduled a public hearing to determine whether the Astor and Uris theater permits should be approved, including a second theater in the Uris Building.[109] Six parties testified in favor; the Shubert Organization, the largest operator of Broadway theaters, was the only dissenting speaker.[112] The CPC approved the theater over the Shuberts' objections,[104][113] as did the Board of Estimate.[114] In the meantime, the vacant lot was used in September 1968 for a benefit for the film Funny Girl, hosted by Barbra Streisand.[115][116] Albert W. Selden had tentatively agreed to lease the Broadway theater in One Astor Plaza.[105][117] The building was to contain 1.4 million square feet (130,000 m2) across 54 floors, including three restaurants and the two theaters.[118]
Construction
Mayor Lindsay attended the
The project faced some delays due to the inclusion of the Broadway theater at the building's base,[31][128] as well as rising costs and decreasing demand for office space.[129] Although Minskoff & Sons president Jerome Minskoff had agreed to the theater as "our way of paying the city back", he said this had increased costs by up to 30 percent, from $55 to $70 million.[31][128] Furthermore, Selden insisted that a modern technical system be installed in the new theater, which would add $400,000 to the cost.[129] A fire broke out on the upper stories in August 1970,[130] and glass fell from the building during two separate incidents that November, when facade installation was progressing on the lower stories.[131] Several glass panes fell on November 5,[132] and a worker was injured on November 29 when glass panes fell during a heavy wind.[131] The two incidents prompted an investigation,[133] but the city's acting buildings commissioner could not find a clear cause for the falling glass.[134]
By 1970, a combined 5 million square feet (460,000 m2) of office space was being developed along Broadway in Midtown, much of which stood vacant due to a slowdown in office leasing.[135] W. T. Grant became the building's largest tenant in December 1970, leasing 400,000 square feet (37,000 m2),[136][137] including the entire 40th through 53rd floors.[138] In exchange, One Astor Plaza would be formally known as the W. T. Grant Building, and the company's name would be placed in large letters atop the building.[137][139] Simultaneously, the Minskoffs agreed to pay off the lease on W. T. Grant's existing office space at 1441 Broadway.[138][140] The next month, the Walter Reade Organization sought to sublet all six floors of its own space.[141] Bankers Trust leased a bank branch on the second story in March 1971.[56] An internal newsletter in October 1971 described the tower as being "80 percent leased";[142] that rate had increased to 87 percent by the next month.[143]
Completion and early years
Fawcett Publications was the first tenant at the building, moving into the 12th through 16th floors
By January 1973, the Minskoff was ready to open, but the basement cinema had not even been furnished yet because of continuing disputes over subway soundproofing.[153] The Minskoff Theatre officially opened on March 13, 1973.[154] Reade ended his lease of the basement movie theater the next month, citing financial difficulties.[155][156] Further issues concerned the building's valuation, which had been reduced from $45.3 to $40.8 million during 1971–1972; the reduction had been granted because the Minskoffs falsely stated that One Astor Plaza was mostly vacant.[142] The building's name also caused problems, as mail addressed to "1 Astor Pl." could be meant either for the building in Times Square or a car-rental agency on Astor Place several miles south.[157]
The Loews movie chain leased the basement movie theater in April 1974,[36][37] and the Loews Astor Plaza movie theater opened on June 25, 1974.[35] That December, Ted Bates & Co. subleased some of its space to W. R. Grace and Company, Gralla Publications, and Nathan's Famous.[158] One Astor Plaza's anchor tenant W. T. Grant had gone bankrupt by late 1975 and initially planned to downsize to four and a half floors.[159] However, W. T. Grant subsequently decided to leave the building altogether,[160][161] so the company's signage was removed from One Astor Plaza in March 1976.[30] This created about 330,000 square feet (31,000 m2) of vacant space, about a quarter of the whole building.[162] The third floor was also reconstructed in 1976 to accommodate the Minskoff Recording Studios.[73]
Research firm Frederick Atkins Inc. leased four floors of the former W. T. Grant space in March 1977.
Equitable ownership
Acquisition and increased rents
One Astor Plaza was sold in July 1984 to Tishman Speyer and the Equitable Life Assurance Society. The price was variously cited as $190 million,[168] $200 million,[169] $202 million,[170] or $210 million.[171] The sale included a contract between the Minskoffs and a joint venture of The Related Companies and Shearson/American Express, which in turn sold its contract to Tishman Speyer and Equitable.[168][170] According to Jerry Speyer of Tishman Speyer, he had decided to buy the building after coming across Related president Stephen M. Ross during a morning jog.[168] At the time, the real estate market in New York City was growing, and Equitable had projected that the building would generate $40 million in gross income by 1991.[172] In 1985, Tishman Speyer formed a limited partnership, 1515 Broadway Associates LP, to assume ownership of the building; the partnership's only asset was One Astor Plaza.[173] The 25 limited partners, who gave a combined $77 million, were primarily executives at Bear Stearns.[171][174] In exchange for a 30 percent stake in the building, Equitable agreed to be the general partner and guarantee 10 percent of the building's mortgage loan.[175][174]
One Astor Plaza needed to be renovated to comply with modern building codes, including the addition of fire sprinklers and the removal of asbestos. The average rent for offices at One Astor Plaza was $8 per square foot ($86/m2), far below the market rate, but Tishman Speyer and Equitable had planned to upgrade the building and raise rents.[172] Consequently, the Minskoff Recording Studios were nearly evicted in October 1984,[75] but the studio's operators negotiated a concession in which the studio would pay $10 per square foot ($110/m2).[74] The Alvin Ailey American Dance Theatre was also nearly forced out because of the increasing rents.[176] The theater museum in the ground-story arcade was closed in 1986 due to low attendance.[46] Despite the success of the third-floor Minskoff Studios, they were in danger of eviction by 1988,[75][177] and they ultimately closed the next year.[74] The building's rising rents also displaced the Bureau of Labor Statistics in 1986[149] and the Alvin Ailey American Dance Theater in 1989.[178]
Bankruptcy and improvements
Tishman Speyer then renovated the lobby and elevators in 1989.
1515 Broadway Associates LP filed for
Shortly after the court hearing, Manufacturers Hanover and Equitable agreed to a tentative settlement in which Equitable would extend a $95 million line of credit to the limited partners. In exchange, Manufacturers Hanover's lawsuit and Equitable's Chapter 11 filing would be withdrawn.[186][187] The bankruptcy filing was thus dropped in December 1991. Throughout these legal disputes, Equitable continued to maintain the building's services and attempted to not only retain existing occupants but also attract new tenants by providing favorable concessions.[172] For example, a new advertising tenant received a non-disturbance agreement and a low rental rate,[188] and an existing merchandising tenant expanded its space in the building at a lower rental rate.[189] Additionally, Equitable covered the brokers' fees and tenant-improvement charges for new tenants for several years. Equitable's success in leasing One Astor Plaza was also influenced by the lack of tenants at two newer developments nearby, 1540 and 1585 Broadway, during the early 1990s.[172]
Viacom takeover
After an acquisition of
In September 1997,[24][197] MTV opened studios at One Astor Plaza's second floor after an $8 million renovation.[24][57] By then, Viacom was one of several major media companies on Times Square, and ABC and CBS were also contemplating studios on Times Square.[198][199] CBS and Viacom announced in 1999 that they would merge, and Viacom renewed its lease at One Astor Plaza,[200] though the company planned to sell CBS's nearby headquarters, the CBS Building.[201][202] By early 2001, Viacom had planned to buy One Astor Plaza in conjunction with its sale of the CBS Building.[203][204] That August, Equitable hired Goldman Sachs to market One Astor Plaza; Equitable had rejected an offer to swap One Astor Plaza for the CBS Building directly because the latter building was worth much less.[205] The transaction was ultimately canceled in November 2001. This was attributed in part to Viacom's demand that any buyer first acquire One Astor Plaza and then swap that for the CBS Building and cash; such a transaction would enable Viacom to avoid paying estate transfer taxes on the transaction.[206]
SL Green ownership
2000s
In March 2002, a joint venture led by
By 2008, the downsized Viacom was still the largest office tenant of One Astor Plaza, occupying 1.5 million square feet (140,000 m2); the building only had 130,000 square feet (12,000 m2) available for lease.[23][216] Viacom's leases were scheduled to expire within two years,[217] and the company was moving some divisions elsewhere, including Comedy Central.[23][216] Viacom renewed its lease in December 2008,[218][219] extending it by five years.[220] The same year, SL Green also hired KPF to renovate the lobby and facade to make the building compliant with LEED Silver green building standards.[23][217] The work was completed in 2009 for $40 million.[221] Though other tenants continued to occupy the building, including law firms,[222][223] Times Square was no longer appealing to small tenants by then because of the high rents.[223]
2010s to present
In May 2010,
SL Green was looking to sell a minority stake in the building by 2017,[235][236] and the China Investment Corporation reportedly expressed interest.[237][238] That November, Allianz bought a 43 percent ownership stake and some of the debt in a deal that valued 1515 Broadway at $1.95 billion.[239][1] At the time, Viacom occupied 85 percent of the building.[1] SL Green used the proceeds from the ownership stake's sale to buy back some of its stock.[240] After Viacom merged back into CBS Corporation in 2019, ViacomCBS (later Paramount Global[d]) retained offices at One Astor Plaza. CBS News converted part of the MTV Studios space into a studio.[64]
New York state officials announced in April 2022 that they would issue three casino licenses in Downstate New York.[242][243] Following this announcement, SL Green proposed constructing a casino at 1515 Broadway to attract tourists.[244] In October 2022, SL Green and casino operator Caesars Entertainment jointly submitted a formal proposal for a casino in the building.[245][246] The bid was also sponsored by Roc Nation[247][248] and mayor Eric Adams's former chief of staff Frank Carone.[249] The proposal was controversial; Broadway theatrical trade association The Broadway League expressed opposition to the casino, while trade union Actors' Equity Association supported the plan.[250][251]
Reception
One Astor Plaza's construction had spurred developers to acquire several buildings around Times Square.[252] When One Astor Plaza was completed, city officials had expressed hope that the building would precipitate the transformation of Times Square into an entertainment hub. This did not happen immediately, leading architectural writer Robert A. M. Stern to write that "Times Square somehow seemed all the more tawdry for its overscaled, underembellished corporate guest", One Astor Plaza.[253] In 1985, New York Times architectural critic Paul Goldberger wrote that the under-construction Marriott Marquis hotel, One Astor Plaza, Paramount Plaza, and four planned towers at Times Square's south end[e] were "actively destroy[ing] something that is turning out to be far more fragile than we had once believed—that rough-and-tumble honky-tonk that is the physical essence of Times Square".[254] After Caesars Entertainment's casino bid was announced, Karrie Jacobs of Curbed wrote in 2023: "It's fitting that 1515 Broadway, designed by architect Der Scutt (who later designed Trump Tower), was the leading edge of a '60s push to reinvent Times Square."[255]
At an exhibition of New York City buildings in 1999, New York Times critic Herbert Muschamp said: "No one needs additional reason to dislike 1515 Broadway, the fin-topped office building between 44th and 45th Streets that replaced the legendary Astor Hotel."[256] According to C. Ray Smith, the asymmetrical shafts of the facade were characteristic of "the new design" character of the 1970s, contrasting with previous symmetrical designs.[28][257] Jo Mielziner said the large trusses above the Minskoff's roof provided "a clear example of what expense a builder is willing to go to get that extra rentable space".[69]
See also
References
Notes
- ^ As the two roads intersect at a very shallow angle, they are nearly parallel through Times Square. Broadway is west of Seventh Avenue to the north of 45th Street and east of Seventh Avenue to the south of 44th Street.[6] Because Broadway between 42nd and 47th Streets was closed in the 2010s, the Paramount Building only faces Seventh Avenue.[7][8]
- ^ In New York City, the wall of any given tower that faces a street could only rise to a certain height, proportionate to the street's width. Above this height, the building had to be set back by a given proportion, the sky exposure plane.[93][94]
- ^ The Hellinger was initially a movie theater and did not become a Broadway venue until 1949. The Lunt-Fontanne Theatre and Palace Theatre were converted from movies to Broadway theaters afterward, but both theater buildings are physically older than the Hellinger.[103] The last venue to be built as a Broadway theater, operating continuously in that capacity, was the Ethel Barrymore Theatre, completed in 1928.[105]
- ^ The Paramount Global name took effect in early 2022.[241]
- ^ Now 3 Times Square, 4 Times Square, 5 Times Square, and Times Square Tower
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