Editing Times Square (section)

==== 1980s building boom ====
[[File:New York-Manhattan-50-Times Square-1982-gje.jpg|thumb|Times Square in 1982]]
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&nbsp;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&nbsp;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 the beginning of the [[early 1990s recession]], when 14.5&nbsp;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>