Ochs, owner and publisher of The New York Times from 1896 to 1935, saw an opportunity and selected a highly visible location to build the Times Tower, which was the second tallest building in the city at the time. The announcement of the IRT spurred real estate speculation by shrewd businessmen who believed that increased foot traffic in the area would generate profits.Īdolph S. Likewise, the construction of New York’s first rapid transit system, the Interborough Rapid Transit Company (IRT), gave New Yorkers unprecedented mobility in the city. Electricity, in the form of theater advertisements and street lights, transformed public space into a safer, more inviting environment.
Soon, however, the neighborhood began to change. In the late 1880s, Long Acre Square consisted of a large open space surrounded by drab apartments. Originally known as Long Acre (also Longacre) Square after London’s carriage district, Times Square served as the early site for William H. Most of the floors are vacant, covered in graffiti and decrepit, but the billboards generate over $23 million per year.ĩ - Why Times Square is called Times Square Jamestown Properties, which rents out the three bottom floors and the top floor, where the New Year’s Eve ball is stored year-round, currently owns it. Lehman Brothers bought the building in 1995, and turned it into the giant billboard it is today.
It was originally constructed as the New York Times headquarters in 1904, back when the area was largely undeveloped.
The iconic building at One Times Square is best known for the New Year's Eve ball drop, and in fact, there's little else there. 10 - One Times Square is wildly profitable despite being mostly empty
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