20 Times Square

Description

20 Times Square is a large mixed-use 39-story development located at 701 Seventh Avenue on the northeast corner of West 47th Street in Times Square, Manhattan at the top of the Times Square 'bow tie'. The development will include one of Ian Schrager's new Edition Hotels operated by Marriott above a 6-floor 76,000 sq ft retail component. The building replaces the Cecil B. DeMille building previously home to the famous Unique Recording Studios which closed in 2004. According to City Planning Department documents, an increase in the size (and FAR) of the 500 foot tall building was made possible by the transfer of air rights from two nearby Broadway locations.HistoryBetween 2000 and 2011, the Port Authority of New York and New Jersey (PANYNJ) worked with Vornado Realty Trust, who had partnered with the Lawrence Ruben Company. In November 2007, the PANYNJ announced the terms of an agreement in which it would receive nearly $500 million in a lease arrangement for a new office tower above the Port Authority Bus Terminal that would also provide funds for additional terminal facilities. It would include 1300000sqft of commercial space in a new office tower, which was to use the vanity address 20 Times Square, the addition of 60000sqft of new retail space in the bus terminal, as well as 18 additional departure gates, accommodating 70 additional buses carrying up to 3,000 passengers per hour. New escalators would be installed to help move passengers more quickly between the gate area an