Developer Jamestown has reopened One Times Square, the building famous for hosting the New Year's Eve ball drop, with a suite of new attractions designed to draw visitors and enhance the surrounding area. The ambitious project, which represents a half-billion-dollar adaptive reuse of the iconic tower, opens to the public on Friday, five years after its announcement.
New Attractions and Historical Exhibits
For $44, visitors can access the Times Square Skywalk, an open-air, 360-degree viewing platform on the building's top floor. Lower indoor floors offer a "Times Travel" package, including a simulated 1930s dirigible ride over Manhattan that highlights the history of the bright-lights district.
Revitalizing the 'Bowtie'
Business advocates suggest the new attractions will help combat the presence of costumed characters who often solicit tips in the plaza at the tower's base. The success of One Times Square is considered crucial for the perception of the "Bowtie," the section of Times Square formed by the intersection of Broadway and Seventh Avenue between West 42nd and West 47th streets. Office tenants and merchants are hopeful the new development will attract upscale visitors and improve the district's image.
According to Michael Slattery, CBRE tristate research director, office vacancy in the 14 million square feet of offices within the Bowtie and the adjacent areas is currently 11.7%, a figure he contrasted with the 20% vacancy rate in West Midtown overall. He noted that while Times Square has "perception challenges" concerning streetscape and tourist activity, limited supply and comparable price points in other areas make it an increasingly attractive option for office occupiers.
The area, including West 42nd Street between Seventh and Eighth avenues, known as the "Deuce," has faced challenges in regaining its former luster since a large-scale public-private cleanup in the 1970s and 1980s transformed it from a crime-ridden zone into a more glittering entertainment hub. Despite recent leasing activity, some former office buildings, such as Five Times Square and the Candler building, are being converted into apartments. Additionally, the Deuce has seen the closure of venues like B.B. King's Blues Club in 2018, and construction has stalled on a retail conversion of the former Times Square Theater.
Hopes for Future Growth
Despite these challenges, Times Square Alliance president Tom Harris expressed optimism about the One Times Square opening, calling it a "harbinger of good things." He stated that the new attractions will allow the excitement of the New Year's Eve ball drop to be experienced year-round, providing a new space for visitors to create memories and contributing to the neighborhood's ongoing evolution.
"Every new experience adds another layer of excitement for a neighborhood already teeming with innovative ways to have a good time and celebrate all New York City has to offer," Harris said.