A little cramped? Landlords say Times Square too crowded

Roughly 480,000 people pass through area every day, up from 350,000 before 2009

TRD New York /
Jan.January 27, 2015 08:10 AM

Times Square is getting a little too popular.

As more and more tourists visit the neighborhood, landlords looking to open a business or an office in the are are increasingly worried that Times Square is getting too crowded, according to the New York Times.

“It’s so successful as a tourist destination that people say it’s too congested for New Yorkers to conduct business,” Howard Fiddle, vice chairman at the real estate services company CBRE, told the newspaper.

Crowds in Times Square have been growing since 2009, after the city closed part of Broadway between 42nd and 47th streets, thus creating public plazas and more pedestrian space. Roughly 480,000 pedestrians pass through Times Square every day, according to the newspaper. Before 2009, this number was 350,000.

“Foot traffic has increased,” Sherwood Equities’ Jeffrey Katz, owner of multiple buildings n the area, told the newspaper. “The retail is doing great; hotels are doing great. The plazas just exploded the rents. It’s beyond even my imagination.”

Some landlords are finding ways to shield their tenants from the crowds. Those who work at 1540 Broadwaythe Bertelsmann Building, owned by HSBC Alternative Investments and Edge Fund Advisors — can use a cafeteria on the eighth floor as well as a gym to avoid stepping outside. [NYT] — Claire Moses


Related Articles

arrow_forward_ios
The M&M’s store at 1600 Broadway (Credit: Google Maps)

Home of M&M’s Times Square store for sale, asking $200M

A rendering of Krispy Kreme's Time Square flagship

Krispy Kreme signs deal for flagship at Vornado’s 1601 Broadway

New York’s most viewed building is getting a facelift

New York’s most viewed building is getting a facelift

Loans, loans, loans: Estate of porn prince refinances Times Square properties

Loans, loans, loans: Estate of porn prince refinances Times Square properties

National Cheat Sheet: Och-Ziff to launch $2B real estate fund … & more

National Cheat Sheet: Och-Ziff to launch $2B real estate fund … & more

Fumble: Times Square’s NFL Experience to close at end of September

Fumble: Times Square’s NFL Experience to close at end of September

Stillman reveals pricey revamp of long-shuttered Times Square Theater

Stillman reveals pricey revamp of long-shuttered Times Square Theater

Ion Media renews multi-floor spread north of Times Square

Ion Media renews multi-floor spread north of Times Square

arrow_forward_ios
Loading...