Nederlander Organization to lift Palace Theatre 29 feet

The $2 billion project will create room for basement retail

TRD New York /
Jan.January 10, 2016 04:00 PM

The Nederlander Organization, which owns nine Broadway theaters, is embarking on a $2 billion project in Times Square that will create a one-of-a-kind retail space.

The organization plans to lift the famed Palace Theatre 29 feet, creating space for subgrade retail, according to the New York Post. The Palace will undergo a multimillion-dollar restoration.

Built in 1913, the Palace Theatre is now encased by the DoubleTree Suites hotel at the corner of Seventh Avenue and West 47th Street. The façade was lost decades ago, leaving only the landmark interior.

New York City Landmarks Preservation Commission has approved the project, which is a joint venture between the Nederlanders and Maefield Development. The project will unlock 10,000 square feet of space over four levels. Experts told the Post that the leases could potentially create a billion dollars worth of value over time. [NYP]Christopher Cameron

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Akon and a rendering of Akon City in Senegal. (Credit: Getty Images and Hussein Bakri/BAD Consultant/Semer Group)

Inside Akon’s 2,000-acre crypto-city in Senegal

Is January the new April for real estate? (Credit: iStock)

Low mortgage rates could mean another hot winter in the housing market

Cheung Chung Kiu is no stranger to big real estate deals (Credit: Wikipedia)

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals

(Credit: SimsWiki, Unsplash)

Welcome to affordable San Francisco! Here is your $1,000-a-month basement “sleeping pod”

Daniel Daggers is out at Knight Frank (Credit: Getty Images)

One of the UK’s top agents marketed a mansion like a US broker. He was fired