TSX Broadway

TSX Broadway
TSX Broadway as seen in September 2022
Seen in September 2022
Map
General information
StatusCompleted
TypeMixed-use (hotel, retail, theater)
Address1568 Broadway
Town or cityManhattan, New York
CountryUnited States
Coordinates40°45′32″N 73°59′04″W / 40.759000°N 73.984523°W / 40.759000; -73.984523
Construction started2019 (partial demolition of the old structure)
Completed2024
Cost$2.5 billion
Technical details
Floor area500,000 square feet (46,000 m2)

TSX Broadway is an under-construction 46-story mixed-use building on Times Square, at the southeastern corner of Broadway and 47th Street, in Midtown Manhattan, New York City. Developed by L&L Holding, the building will include a 669-room hotel, multi-story retail space, and an existing landmarked Broadway theater called the Palace Theatre. The TSX Broadway development involves the reconstruction of a DoubleTree hotel that was completed in 1991, as well as the lifting of the Palace Theatre at the former hotel's base. The framework of the hotel's first 16 stories remains largely intact, but the upper floors have been demolished. Work on the new structure began in 2019, and the building was completed in 2024.

History

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Background

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TSX Broadway replaces an Embassy Suites hotel (later a DoubleTree Suites), designed by Fox & Fowle,[1][2] which was built above the Palace Theatre between 1987 and 1991.[3] Developer Larry Silverstein had planned to build a skyscraper on the Palace Theater's site since the mid-1980s. Such a development was contingent on his ability to acquire a Bowery Savings Bank branch at the corner of 47th Street and Seventh Avenue, surrounded by the original Palace Theatre building.[2] The New York City Landmarks Preservation Commission (LPC) designated the theater as an interior landmark in 1987,[4][5] forcing Silverstein to build around the theater.[6][7] The theater's old office wing on Seventh Avenue was demolished (except for the lobby[8]), as were two stories above the auditorium and two ancillary structures.[9][10] Silverstein developed a 43-story Embassy Suites hotel on the site.[2][11][8] The theater received a $1.5 million renovation[12] as part of the $150 million hotel project.[11] The hotel was completed in September 1990.[8]

In 2015, the Nederlander Organization (which operated the Palace Theatre) and Maefield Development announced another renovation in conjunction with a new development on the DoubleTree site. The theater would be renovated, and its auditorium would be raised 30 feet (9.1 m) to accommodate ground-floor retail spaces.[13][14][15] The LPC approved the plan in November 2015, even as many preservationists expressed concern over the idea.[16][17][18] Maefield filed permits for the project in mid-2016.[19] The New York City Council approved the plan in June 2018,[20][21] allowing the redevelopment to proceed.[22]

Construction

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L&L Holding Company, Maefield Development, and Fortress Investment Group announced in September 2018 that the construction of TSX Broadway would start in early 2019.[23][24] The developers received $780 million of funding from a syndicate led by UBS, a $1.25 billion construction loan from Goldman Sachs, and a $494 million investment pool from foreign investors through the EB-5 visa program.[25][26][27] Construction started in March 2019 with the demolition of floors above the 16th floor.[28] The renovation was delayed during 2019 because the contractors needed to inspect an adjacent building, but the property's owners did not grant permission for the inspection for over a year.[29][30]

The old 1568 Broadway building was being demolished by early 2020.[31] Work was only interrupted for three weeks during the COVID-19 pandemic in New York City, as the TSX Broadway project had hotel rooms and was thus classified as an "essential jobsite".[32] Construction of TSX Broadway's superstructure began the next year,[33][34] and the Palace Theatre was raised from January[35] to April 2022.[27] Hilton Hotels & Resorts announced in September 2022 that it would operate the hotel at TSX Broadway, which would be the first hotel in the Tempo by Hilton brand.[36][37]

Lifting the Palace Theatre

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Construction in May 2022 after the Palace Theatre was raised to its final height 30 feet off the ground

When construction started in 2016, the super columns of the building were extended to the 16th floor. A multi-story super-truss structure hanging on the extended super columns were built along the top floors up to the 16th floor to support the new floors above it. New columns were built to hang from the new super-truss to support all lower floors above the theater. As no loads were no longer applied to the original superstructure right above the theater's ceiling, the old superstructure was removed. A partial demolition of the slabs of the ground to 16th floors was done to meet the amount required by the codes on retaining slabs. After that, a subcellar was constructed by removing the theater's old foundation, creating the new foundation, and installing 34 hydraulically controlled steel posts to be ready for lifting the theater.[28][38]

The Palace Theatre's auditorium was raised starting in January 2022.[35][28][39][40] After the theater had been raised 16 or 17 feet (4.9 or 5.2 m), in March 2022, the lifting process was temporarily paused while the new structural frame was installed.[27][41] The lifting process was completed on April 5, 2022,[27] though the formal celebration was held the next month.[42][43] Afterward, the permanent supports under the auditorium were installed. At the time, TSX Broadway was planned to be completed in 2023.[44]

Completion

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The LED screen on the building's facade was illuminated for the first time in January 2023.[45] Members of the public were allowed to buy 15-second advertisement slots on the screen for $40 each.[46][47] The screen quickly attracted attention from VTubers[48] and social-media users in China, among others, who bought up advertisement slots there.[47] Post Malone hosted the first concert on TSX Broadway's outdoor terrace in July 2023.[49][50]

In June 2023, it was reported that the TSX Broadway property was scheduled to open in the first quarter of 2024.[51] The building was ultimately completed in mid-2024.[52] Goldman Sachs and the building's other lenders took over TSX Broadway in August 2024 after L&L Holding and Fortress Investment defaulted on a $1.13 billion loan that had been placed on the building.[53][54]

Architecture

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The owners hired Mancini Duffy as the architect of record to coordinate the entire project. Platt Byard Dovell White was hired to redesign the Palace Theatre's interior, and Perkins Eastman designed the exterior.[55] The structure includes a 669-room hotel, which was built around, above, and below the Palace Theatre's auditorium.[56][57] Due to modifications in New York City's zoning regulations, the DoubleTree Hotel exceeded the maximum floor area ratio (FAR) allowed for the site. However, zoning regulations allow new developments to contain the same amount of floor space as their predecessors, ignoring FAR limits, if the new building retains 25 percent of the original structure.[27]

To meet city building codes, the new structure retains the lowest 16 stories of the DoubleTree structure, with new concrete slabs being poured around the old ones.[27][58][35] The ground-floor areas is being replaced with retail space, extending three levels below ground. This requires the auditorium to be raised by about 30 feet (9.1 m).[57][58][35] The new development includes about 51,000 square feet (4,700 m2) of exterior LED signage stretching from the base to the roof of the building.[27][58] The structure was to be enlarged from 483 to 533 feet (147 to 162 m).[19]

The original plans, filed in 2016, called for the basements and first ten stories to contain the Palace Theatre, as well as entertainment spaces and retail. The 10th floor was to contain two balconies and a restaurant, while the hotel's lobby was to be on the 11th floor.[19] The new ground-story space includes 4,000 square feet (370 m2) of outdoor entertainment space and 75,000 square feet (7,000 m2) of retail.[58][59][34] In addition, about 10,000 square feet (930 m2) of back of house space was created for the Palace Theatre.[60][58] In total, the theater was expanded from 40,000 to 80,000 square feet (3,700 to 7,400 m2).[44] The hotel rooms extend to the 45th floor, and a mechanical space is located on the 46th floor.[19]

References

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  1. ^ Harriman 1991, p. 107.
  2. ^ a b c Kennedy, Shawn G. (March 1, 1989). "Real Estate; Theater-Hotel Partnership in Times Square". The New York Times. ISSN 0362-4331. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  3. ^ White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 301. ISBN 978-0-19538-386-7.
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  5. ^ Diamonstein-Spielvogel, Barbaralee (2011). The Landmarks of New York (5th ed.). Albany, New York: State University of New York Press. p. 510. ISBN 978-1-4384-3769-9.
  6. ^ Dunlap, David W. (June 22, 1987). "Panel Weighs Designating Theater as Landmark". The New York Times. ISSN 0362-4331. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  7. ^ Moritz, Owen (June 30, 1987). "Brake a leg". New York Daily News. p. 412. ISSN 2692-1251. Archived from the original on October 19, 2021. Retrieved October 19, 2021 – via newspapers.com.
  8. ^ a b c Stern, Robert A. M.; Fishman, David; Tilove, Jacob (2006). New York 2000: Architecture and Urbanism Between the Bicentennial and the Millennium. New York: Monacelli Press. p. 648. ISBN 978-1-58093-177-9. OCLC 70267065. OL 22741487M.
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  10. ^ "In Focus: Palace Theater Sits Placidly Amidst Turmoil". Back Stage. Vol. 29, no. 21. May 20, 1988. pp. 3A, 42A. ISSN 0005-3635. ProQuest 962873540.
  11. ^ a b "Business Brief – Holiday Corp.: Embassy Suites Unit Plans To Build New York Hotel". Wall Street Journal. February 9, 1989. p. 1. ISSN 0099-9660. ProQuest 398094707.
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  19. ^ a b c d "Permits Filed for Times Square Doubletree Hotel Expansion – Market Insight". CityRealty. November 21, 2016. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  20. ^ "City Council approves plans for TSX Broadway redevelopment". The Real Deal New York. June 28, 2018. Archived from the original on September 23, 2018. Retrieved September 22, 2018.
  21. ^ Warerkar, Tanay (June 29, 2018). "Times Square's Palace Theatre revamp gets City Council approval". Curbed NY. Archived from the original on September 24, 2019. Retrieved October 16, 2021.
  22. ^ Flamm, Matthew (September 21, 2018). "Huge retail and hotel project moves forward in Times Square". Crain's New York Business. Archived from the original on January 3, 2019. Retrieved January 2, 2019.
  23. ^ Reader, Ruth (September 17, 2018). "Times Square's newest extravagance: 46 stories of maximalist retail". Fast Company. Archived from the original on January 16, 2023. Retrieved January 10, 2023.
  24. ^ Young, Michael (September 28, 2018). "Demolition of 1568 Broadway Set to Begin This Winter For "TSX Broadway" in Times Square". New York YIMBY. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  25. ^ "TSX Broadway fully capitalized, to start construction in January". Real Estate Weekly. December 19, 2018. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  26. ^ Bockmann, Rich (December 13, 2018). "TSX Broadway developers land more than $780M in new equity". The Real Deal New York. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  27. ^ a b c d e f g Hughes, C. J.; Moon, Jeenah (May 28, 2022). "How a 7,000-Ton Broadway Theater Was Hoisted 30 Feet". The New York Times. ISSN 0362-4331. Archived from the original on September 23, 2022. Retrieved May 29, 2022.
  28. ^ a b c Cubarrubia, Eydie (January 7, 2022). "Palace Theatre Begins 30-ft Climb Into TSX Broadway Tower". ENR New York. Archived from the original on January 16, 2023. Retrieved January 10, 2023.
  29. ^ Wild, Stephi (January 14, 2019). "Palace Theatre Renovations Delayed Due to Setback". BroadwayWorld.com. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  30. ^ Hershberg, Marc (January 13, 2019). "Palace Theatre Project Hits a Snag". Forbes. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  31. ^ Young, Michael (April 30, 2020). "Demolition Steadily Progressing at 1568 Broadway, Future Home of TSX Broadway, in Times Square". New York YIMBY. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  32. ^ Thibault, Matthew (February 18, 2022). "Stars align to hoist historic Times Square theater for mixed-use project". Construction Dive. Archived from the original on January 16, 2023. Retrieved March 3, 2022.
  33. ^ Baird-Remba, Rebecca (May 6, 2021). "New Times Square Megatower, TSX Broadway, Begins to Take Shape". Commercial Observer. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  34. ^ a b Young, Michael (April 17, 2021). "TSX Broadway's New Superstructure Begins Assembly at 1568 Broadway in Times Square, Manhattan". New York YIMBY. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  35. ^ a b c d Cubarrubia, Eydie (November 3, 2021). "Palace Theatre Begins 30-ft Climb Into TSX Broadway". Engineering News-Record. Archived from the original on January 16, 2023. Retrieved January 31, 2022.
  36. ^ Hallum, Mark (September 12, 2022). "Hilton Chooses TSX Broadway in Times Square for Debut of Tempo Brand". Commercial Observer. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  37. ^ King, Kate (September 12, 2022). "Hilton Boutique Brand to Make Debut on Broadway, as Times Square Revives". Wall Street Journal. ISSN 0099-9660. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  38. ^ "TSX Broadway NYC". McLaren Engineering Group. Archived from the original on January 16, 2023. Retrieved January 10, 2023.
  39. ^ Holmes, Helen (January 8, 2022). "Broadway's Palace Theatre Has Begun Its 8 Week, 30 Foot Ascent". Observer. Archived from the original on January 16, 2023. Retrieved January 8, 2022.
  40. ^ Glassberg, Lauren (January 7, 2022). "Iconic Palace Theatre being lifted 30 feet above Times Square". ABC7 New York. Archived from the original on January 16, 2023. Retrieved January 8, 2022.
  41. ^ Stabile, Tom (March 15, 2022). "TSX Broadway Joins Old to New in Times Square". Engineering News-Record. Archived from the original on January 16, 2023. Retrieved March 24, 2022.
  42. ^ Young, Michael (May 4, 2022). "Palace Theatre Completes 30-Foot Lift Within TSX Broadway, at 1568 Broadway in Times Square, Manhattan". New York YIMBY. Retrieved May 21, 2022.
  43. ^ Carlin, Dave (May 5, 2022). "Effort to lift Times Square's Palace Theatre 30 feet off the ground finally accomplished". CBS News. Retrieved May 21, 2022.
  44. ^ a b Baird-Remba, Rebecca (May 9, 2022). "How the Palace Theatre Ended Up 30 Feet Above Manhattan". Commercial Observer. Retrieved May 21, 2022.
  45. ^ "TSX Entertainment's LED Screen Turns On at 1568 Broadway in Times Square, Manhattan". New York YIMBY. January 2, 2023. Archived from the original on January 17, 2023. Retrieved January 17, 2023.
  46. ^ Brandon, Elissaveta M. (January 18, 2023). "$40 will buy you 15 seconds of fame on one of Times Square's largest billboards". Fast Company. Retrieved October 21, 2023.
  47. ^ a b Tone, Sixth (March 30, 2023). "$40 for 15 Seconds: Times Square Billboard Attracts Chinese Attention Seekers". #SixthTone. Retrieved October 21, 2023.
  48. ^ Amos, Andrew (July 24, 2023). "VTubers are buying 15 seconds of Times Square fame for $40, but is it really worth it?". Dexerto. Retrieved October 21, 2023.
  49. ^ "Post Malone Inaugurates New TSX Stage in Times Square". rAVe [PUBS]. August 1, 2023. Retrieved May 23, 2024.
  50. ^ "Post Malone christens TSX Broadway venue with Times Square performance". Digital Signage Today. July 21, 2023. Retrieved May 23, 2024.
  51. ^ Young, Michael (June 27, 2023). "TSX Broadway's Tempo By Hilton Prepares For Late-Summer Opening At 1568 Broadway In Times Square, Manhattan". New York Yimby. Retrieved September 26, 2023. YIMBY was informed that the Tempo by Hilton Times Square is targeting an opening date for later this summer, while the entire TSX Broadway property will open in the first quarter of 2024.
  52. ^ Thibault, Matthew (July 12, 2024). "$2.5B tower completed in Times Square". Construction Dive. Retrieved August 8, 2024.
  53. ^ Coen, Andrew (August 6, 2024). "TSX Broadway Seized by Goldman-Led Group After L&L, Fortress Default". Commercial Observer. Retrieved August 8, 2024.
  54. ^ Long, Ciara (August 6, 2024). "REPORT: $2.5B Times Square Project Taken Over By Goldman Sachs-Led Lender Group". Bisnow. Retrieved August 8, 2024.
  55. ^ Schillaci, Trevor (August 9, 2024). "Perkins Eastman, PBDW Architects, and Mancini Duffy complete TSX Broadway, a tower wrapped by colorful LED screens". The Architect’s Newspaper. Retrieved August 28, 2024.
  56. ^ Gannon, Devin (January 2, 2020). "Times Square's Palace Theatre overhaul includes outdoor stage and 'ball drop' suites". 6sqft. Archived from the original on October 16, 2021. Retrieved October 16, 2021.
  57. ^ a b Herzenberg, Michael (March 29, 2019). "Jacked Up: B'Way's Famed Palace Theatre Will Rise Again". Spectrum News NY1 | New York City. Archived from the original on October 17, 2021. Retrieved October 17, 2021.
  58. ^ a b c d e Bousquin, Joe (May 6, 2021). "$2.5B TSX Broadway project rising over Times Square". Construction Dive. Archived from the original on May 7, 2021. Retrieved October 18, 2021.
  59. ^ Rosky, Nicole. "Photo: Construction Continues to Lift the Palace Theatre in Times Square". BroadwayWorld.com. Archived from the original on October 16, 2021. Retrieved October 18, 2021.
  60. ^ "Palace Theater". PBDW Architects. October 9, 2018. Archived from the original on May 27, 2020. Retrieved October 18, 2021.

Sources

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Wikimedia Commons has media related to TSX Broadway.
  • Harriman, Marc S. (November 1991). "Spanning History" (PDF). Architecture. pp. 107–109.
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