Planning and Development
The project was announced on December 13, 2001, entailing the erection of a 52-story tower on the east side of Eighth Avenue between 40th and 41st Street across from the Port Authority of New York & New Jersey Bus Terminal. The project, in conjunction with the Hearst Tower, represents the further westward expansion of Midtown along Eighth Avenue - a corridor that had seen no construction following the completion in 1989 of One Worldwide Plaza. In addition, the new building—called by many New Yorkers "The New Times Tower"—keeps the paper in the Times Square area, which was named after the paper following its move to the original Times Tower on 42nd Street in 1904. The New York Times Company had most recently been located at 229 West 43rd Street.
The site for the building was obtained by the Empire State Development Corporation (ESDC) through eminent domain. With a mandate to acquire and redevelop blighted properties in Times Square, ten existing buildings were condemned by the ESDC and purchased from owners who in some cases did not want to sell, asserting that the area was no longer blighted (thanks in part to the earlier efforts of the ESDC). The ESDC, however, prevailed in the courts. Once the 80,000-square-foot (7,400 m2) site was assembled, it was leased to The New York Times Company and Forest City Ratner for $85.6 million over 99 years (considerably below market value). Additionally, The New York Times Company received $26.1 million in tax breaks.
Read more about this topic: The New York Times Building
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