Who said print was dead? It’s just ‘reinventing’ itself…
The iconic New York Times building at West 43rd Street in Times Square (which was once slated for office space) will be renovated into hotel and condo living, according to the New York Times.
Building owners Africa Israel USA (AFI USA) announced redevelopment plans, including a 397-room hotel, 26 condo residences, and an entertainment complex complete with Discovery Times Square Exhibitions. There will be bowling, restaurants and entertainment areas for guests on the lower levels of the building. The 15-story building will also invite luxury boutiques to rent space.
The hotel will take over seven floors (5 through 11) and include a spa, gym with pool, restaurant and other amenities. Condos will be located on the top three floors (12 through 15). AFI USA is currently in discussions with several hotel operators to takeover the planned hotel space.
The New York Times building has been vacant since 2007, when the newspaper moved its offices to Eighth Avenue. Now, with more than $525 million invested into the building and AFI USA’s restructuring of the debt on the property, plans to turn the old printing establishment into a luxury hotel and condominium palace are underway.
One must wonder: As newspapers fold and the collapse of publications cause a publishing crisis around the nation, could those millions of dollars have saved print? Or, will the status of staying a night in the New York Times building help replenish the economy and revitalize the soul of Times Square?
Photo credit: AFI USA