Africa Israel Investments (USA) is seeking bids from companies interested in creating a hotel on seven floors of the former New York Times Building at 229 West 43rd Street between Seventh and Eighth Avenues beneath about 30 residential condominiums it plans on the top four floors, according to an article today by Emily Laermer at crains.com.
Richard Marin, chairman and chief executive of Africa Israel Investments (USA) said that more than 70 hotel operators have inquired about the completely gutted floors in the building, the article said. "Although Mr. Marin concedes the building may not be ideal for condominiums, he insists that being on top of an up-market hotel will help with sales," the article continued, adding that the former boardroom of The New York Times at the top of the Gothic Revival building will become a penthouse unit.
AFI USA bought the building near the peak of the market in 2007 for $525 million from Tishman Speyer, which had acquired it about three years earlier for $175 million.
"Since spending about $200 million gutting the building - once home to the Times printing presses and offices - and installing a new lobby, the owner has struggled to find tenants for the building. The building's first lease wasn't signed until 2009, when entertainment group TSX rented out 59,294 square feet on the ground floor, basement and sub-basement. More recently, Bowlmor Lanes signed a lease for 66,000 square feet. It plans to open a new bowling alley in the space in the fall," the article said.
The building was designed by Mortimer J. Fox of the architectural firm of Buchanan & Fox as an annex to the similar but much slimmer headquarters building of the newspaper at the base of Times Square. The newspaper eventually moved its headquarters into the much larger mid-block building and eventually vacated its very famous tower and new owners would eventually reclad it.
Ludlow & Peabody designed a 100-foot extension in 1922 on the west side as well as a five-story setback attic level in the style of the French Renaissance including the Mansard roofs and Albert Kahn designed another expansion to the west including a second lobby and a roof-top studio in 1932. Subsequently, the newspaper added a 12-story building to expand to 44th Street and it also leased office space that was created in the space that formerly housed the great Paramount movie theater in the multi-stepped Paramount Building on Broadway.
The newspaper moved out of the building in 2007 into a new office tower designed by Renzo Piano on the west side of Eighth Avenue between 40th and 41st Streets across from the Port Authority Bus Terminal.
Richard Marin, chairman and chief executive of Africa Israel Investments (USA) said that more than 70 hotel operators have inquired about the completely gutted floors in the building, the article said. "Although Mr. Marin concedes the building may not be ideal for condominiums, he insists that being on top of an up-market hotel will help with sales," the article continued, adding that the former boardroom of The New York Times at the top of the Gothic Revival building will become a penthouse unit.
AFI USA bought the building near the peak of the market in 2007 for $525 million from Tishman Speyer, which had acquired it about three years earlier for $175 million.
"Since spending about $200 million gutting the building - once home to the Times printing presses and offices - and installing a new lobby, the owner has struggled to find tenants for the building. The building's first lease wasn't signed until 2009, when entertainment group TSX rented out 59,294 square feet on the ground floor, basement and sub-basement. More recently, Bowlmor Lanes signed a lease for 66,000 square feet. It plans to open a new bowling alley in the space in the fall," the article said.
The building was designed by Mortimer J. Fox of the architectural firm of Buchanan & Fox as an annex to the similar but much slimmer headquarters building of the newspaper at the base of Times Square. The newspaper eventually moved its headquarters into the much larger mid-block building and eventually vacated its very famous tower and new owners would eventually reclad it.
Ludlow & Peabody designed a 100-foot extension in 1922 on the west side as well as a five-story setback attic level in the style of the French Renaissance including the Mansard roofs and Albert Kahn designed another expansion to the west including a second lobby and a roof-top studio in 1932. Subsequently, the newspaper added a 12-story building to expand to 44th Street and it also leased office space that was created in the space that formerly housed the great Paramount movie theater in the multi-stepped Paramount Building on Broadway.
The newspaper moved out of the building in 2007 into a new office tower designed by Renzo Piano on the west side of Eighth Avenue between 40th and 41st Streets across from the Port Authority Bus Terminal.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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