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{"id":15036,"date":"2013-12-31T10:06:33","date_gmt":"2013-12-31T15:06:33","guid":{"rendered":"http:\/\/www.patheos.com\/blogs\/kathyschiffer\/?p=15036"},"modified":"2016-09-30T15:53:48","modified_gmt":"2016-09-30T20:53:48","slug":"new-years-trivia-whats-really-happening-at-one-times-square","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/kathyschiffer\/2013\/12\/new-years-trivia-whats-really-happening-at-one-times-square\/","title":{"rendered":"New Years Trivia: What\u2019s Really Happening at One Times Square"},"content":{"rendered":"\n<\/head>

Tonight the eyes of millions will be on this spot:\u00a0 the iconic One Times Square.\u00a0<\/strong><\/p>\n

$\"\"$ <\/a><\/p>\n

That\u2019s the spot at the intersection of Broadway, Seventh Avenue and 42^{nd<\/sup> Street in Manhattan, where a sailor grabbed a passing nurse for a kiss<\/strong> at the end of World War II.<\/p>\n}

$\"\"$ <\/a><\/p>\n

It\u2019s the Midtown corner where thousands of tourists and revelers gather each year on New Year\u2019s Eve to watch the ball drop<\/strong>.<\/p>\n

$\"\"$ <\/a><\/p>\n

The fa\u00e7ade of the slim 25-story building is a concrete and marble canvas for some of the flashiest neon advertising<\/strong> in existence. \u00a0There are 19 spots for advertisements, and the building\u2019s owner receives in excess of $20 million annually in advertising revenue.\u00a0 At least two of the advertising slots rent for $3.5 million a year\u2014roughly the cost of a 30-second Super Bowl ad.<\/p>\n

But did you know<\/strong> that except for Walgreens, which leases the lower floors, the building itself is mostly vacant?<\/p>\n

The street-level retail space<\/strong> was once leased by the Warner Brothers Store; but when they broke the lease, it remained vacant for years.\u00a0 And the rest of the building is vacant by design: \u00a0When Jamestown Properties and Sherwood Equities purchased One Times Square in 1996, they found it was no longer up to code.\u00a0 Updating the wiring, heating, ventilation system, air conditioning and mechanics would be a costly investment, especially since the building\u2019s location, at the intersection of three major streets, meant that the irregular floor plan provided little usable floor space for offices or shops.\u00a0 And the building\u2019s unusually high ceilings further reduced the income potential.\u00a0 Better, the new owners thought, to use it strictly for advertising revenue, rather than invest in the costly updates necessary to make it useful to renters.<\/p>\n

Here,<\/strong>\u00a0Business Insider<\/a><\/strong><\/em> offers a unique look at the New Years Eve ball.<\/p>\n

Happy New Year!<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"