The Real Deal New York

Nederlander Organization to lift Palace Theatre 29 feet

The $2 billion project will create room for basement retail
January 10, 2016 04:00PM

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Palace Theatre

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 fa├žade 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